Following a week when the markets closed up with slight gains, the upcoming holiday-shortened week is jammed packed with earnings, key economic data and auto news.
Markets are closed Monday in observance of Memorial Day, pushing Treasury’s sale of three- and six-month bills to Tuesday.
The bankruptcy clock is ticking louder for General Motors (GM) as the government-imposed June 1 deadline sits just around the corner. The cash-strapped auto maker continues its efforts to avoid filing for bankruptcy or to arrange for a speedy filing that lasts as few as 30 days.
Housing and consumer sentiment data will dominate next week’s economic data lineup. The markets will receive home price information from the Case/Shiller Index, as well as existing home sales numbers on Wednesday and new home sales on Thursday. Analysts are expecting existing-home sales to tick up 1.8% in April and new home sales to increase 2%.
Data regarding the pulse on Main Street comes out Tuesday with the Consumer Confidence report and University of Michigan’s consumer sentiment report for May on Friday.
The markets will also have to grapple with gross-domestic-product numbers before Friday’s bell -- which are expected to show a 5.5% contraction in the first quarter.
Wednesday will be a big day for the retail sector as traders grapple with the release of the Redbook Retail Sales Index for May before the bell as well as a slew of earnings from retailers including American Eagle (AEO), Chicos (CHS), Coldwater Creek (CWTR) and Dollar Tree Stores (DLTR). AutoZone also reports earnings.
The markets will get an idea on just how tightly consumers are holding onto their purse strings on Thursday, with earnings reports due out from Big Lots (BIG) and Costco Wholesale (COST).
The Organization of Petroleum Exporting Countries [OPEC] meets Thursday-- and despite oil’s recent rise above $60 a barrel, analysts are not expecting the cartel to make fresh production cuts.
