The stock market took it on the chin last week, with the Dow Jones industrial average tumbling around 300 points. This week, it's the housing market's turn to make news. Two key reports are due out that should shed light on the health of the residential real-estate market. Meanwhile, the federal government will update its estimate of first-quarter economic growth.
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Monday, May 22:
FED SPEAK: Richard Fisher, president of the Federal Reserve Bank of Dallas, will be delivering a speech on the global economy at an event in Texas. Expect reporters to pepper him with questions about his thoughts on inflation and the Fed's interest rate policy.
EARNINGS TO WATCH: Campbell Soup and Lowe's Companies
Tuesday, May 23:
FED SPEAK: Today, Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary John Snow will be on Capitol Hill, testifying before the Senate Banking Committee.
RICHMOND FED INDEX: The Federal Reserve Bank of Richmond will release the latest results of its manufacturing index, which gauges factory activity in the mid-Atlantic region, plus North Carolina and South Carolina.
EARNINGS TO WATCH: Borders Group and Toll Brothers
Wednesday, May 24:
NEW-HOME SALES: The Commerce Department will release data on new-home sales in April. You'll want to pay attention to both demand for new homes and the median price of new homes sold last month.
EARNINGS TO WATCH: AutoZone, Dollar Tree Stores, Michaels Stores, TiVo, and Williams-Sonoma
Thursday, May 25:
GROSS DOMESTIC PRODUCT: Despite high oil prices, rising interest rates, and geopolitical risks in Iran and Iraq, the nation's economy keeps plugging along. This morning, the Commerce Department will update its preliminary estimate of first-quarter growth in gross domestic product. The consensus is that the economy grew significantly in the first three months of the year.
EXISTING-HOME SALES: The National Association of Realtors will reveal existing-home sales data for April. Since last summer, demand for existing single-family homes—and the median sales prices of those houses—have fallen by around 5 percent.
EARNINGS TO WATCH: Chico's, Frontier Airlines, and Toronto Dominion Bank
Friday, May 26:
PERSONAL SPENDING: Rising fuel costs and interest rates have economists worrying about the financial health of the American consumer. This morning, the Commerce Department will report on personal incomes and spending trends.
CONSUMER CONFIDENCE: The University of Michigan is scheduled to release the latest results of its closely followed index of household sentiment. Confidence has been falling precipitously this year, in light of rising gas prices.
