Consumer, Real Estate, GDP Data Expected

U.S. stocks are expected to follow the lead of consumers this week when traders look at economic reports for hints on whether rising oil prices have started to crimp spending on other goods.

Consumer confidence data will take the spotlight early in the week along with a government report on durable goods orders. These reports will lead a parade of economic data.

“There is a whole slew of important economic numbers,” said Peter Cardillo, chief market analyst and chief strategist at SW Bach & Co. “We could see the market work itself out of its malaise and worries of inflation.”

The Conference Board will post its index of May consumer confidence Tuesday. Wednesday the Commerce Department will post its report on April orders for durable goods, such as washing machines, cars and other items meant to last three years or more.

April data on existing-home sales are due Tuesday, followed by new-home sales Wednesday.

The Commerce Department puts out its preliminary first-quarter gross domestic product number Thursday.

Earnings reports will slow to just a trickle next week, as most companies have already posted their quarterly financial results. But a few major reports are on the horizon.

On Monday, Campbell Soup Co., the iconic American soup maker, is set to report quarterly profit. Software maker Computer Associates International Inc., which is facing federal probes into its accounting, and ketchup maker H.J. Heinz Co. are due to post their results on Tuesday.

“Most of the big companies are done with earnings and we have kind of a quiet period now for a while,” said Michael Vogelzang, president of Boston Advisors Inc. “All eyes are on the June Fed meeting, and I’m not sure what’s going to shake us one way or the other.”

“We’re in a period with a lot of uncertainty,” he added. “Risks are fairly high here for a particularly nasty surprise somewhere along the line, whether it’s the Fed raising 50 basis points or a significant downturn in the geopolitical situation.”