Welcome to June — a great month to be a kid, a bad month to be a San Francisco sunbather, and a relatively terrible month to be knee-deep in equities.

In fact, no other month really comes close when it comes to the poor June performance of the S&P over the past decade. This is especially true for financials, which have led all sectors into the toilet during this time frame. The SPDR Financial Select Sector ETF XLF, -0.20% has lost more than 3%, on average, during the last 10 June months. Statistics and damn lies.

The tone will be set early, too, with plenty on tap in this first week to either rattle or propel markets.

Data-wise, there’s auto sales and the jobs number. On the international front, Greece’s debt talks and a European Central Bank meeting. There’s also the OPEC meeting at the end of the week.

All this while margin debt is reaching deeper into unsettling territory. Never before have investors racked up this much debt to fund their stock purchases, Doug Short of Advisor Perspectives notes. Not in 2000 and not in 2007. That’s fine when the bulls are in charge, as they have been, but when the momentum fades and things start to turn, beware the margin calls and the flood of selling that can accompany them.

But BTIG’s Dan Greenhaus isn’t sweating margin debt. He’s got bigger concerns.

“Equity-market worries persist, and for those who daily find themselves looking for a reason to be bearish, margin debt is back in the news,” he said in a note to investors on Monday. “Just as QE’s end, Cyprus and oil’s drop (for instance) were each going to cause a crash, margin debt serves as a recurring worry.”

Yet he says his concerns lie more in the high-yield bond market.

Key market gauges

No gloom yet, with futures on the Dow US:YMM5 and the S&P US:ESM5 moving a little higher premarket. Shanghai SHCOMP, -0.63% was a huge bright spot in an otherwise mixed session for Asia ADOW, -0.60% , while Europe SXXP, -1.90% is hobbling along in the early stages of its trading session. Crude CLN25, is dipping below $60 a barrel and gold US:GCN5 is making a slight move north. The dollar DXY, +0.08% , meanwhile, was slightly higher.

The quote

“If you’re an individual star, chafing under the reins of your boss, believing you can go it alone … you probably cannot. Especially if the world you live in is solidified.” — Bob Lefsetz, music industry analyst and blogger, in a scathing critique of Re/Code following news of the deal with Vox Media.

The economy

A fairly busy week of economic data culminates with the jobs report on Friday and begins with a smattering of reports today. Consumer spending was flat in April, the weakest performance since January. A reading on core inflation in April showed a slight gain. After that, the ISM manufacturing index hits at 10:00 a.m. Eastern, as does the construction-spending number. Read: Steady jobs growth best thing going for up-and-down U.S. economy.

The stat

The buzz

It looks like today’s the day that we get an official announcement that Intel’s on-again-off-again attempt to buy Altera ALTR, +3.12% has finally succeeded. The chip maker, according to the Wall Street Journal, is preparing to announce the roughly $17 billion acquisition in a move that would allow Intel INTC, -0.85% to boost revenue and help defend a key business.

The chart

May was a fairly busy month for IPOs, with 20 hitting the market and bringing in $4.3 billion in proceeds. That’s one shy of the 21 in May last year, according to Renaissance Capital. Year-to-date, 69 companies have gone public in 2015, a 40% fall from last year at this time. But what’s perhaps most interesting about what we’re seeing in the IPO market is what this chart drawing attention on StockTwits might be telling us about stocks.

The call

“Few companies right now have more or bigger likely winners on the horizon.” That’s what Jack Hough of Barron’s has to say about Disney DIS, -1.22% right now, and he thinks we could see the shares rise another 50% over the next three years. He opened his call by pointing to what happened to Disney after its “Lone Ranger” box office debacle two years ago. The stock rallied 75%. “Tomorrowland” is looking like another fail, so now’s another good time hop aboard. CEO Bob Iger, of course, has a vested interest in building hype, but its hard to argue with him when he says: “This world’s appetite for great entertainment is bigger than it has ever been and probably bigger than Wall Street realizes.” Read more on why Disney is a buy at these levels.

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