We're wrapping up the seventh straight week of declines in the S&P 500 as the recession fears mount. The market will be looking to the Fed and economic data in the week ahead for some sign of life.
But economic data is a lagging indicator so we might be looking at months of malaise before we get a glimpse of the other side. So let's take it a day at a time.
Monday
- Fed's Bostic
- Fed's George
- Holiday in Canada
Tuesday
- New home sales
- Richmond Fed
- Philly Fed non-manufacturing
- US 2-year auction
Wednesday
- Durable goods
- Weekly US oil inventories
- 5-year auction
- FOMC minutes
Thursday
- US Q1 GDP (second look)
- Initial jobless claims
- Pending home sales
Friday
- PCE inflation
- Advance goods trade balance
- UMich final sentiment
That PCE report on Friday will be a big one but note that next Monday (May 30th) is a holiday, so trading might wrap up early Friday.
