As we head in to the first trading day of summer, we are looking ahead to a series of economic data releases to help set the tone for action.
The week’s list of reports starts this morning with existing home sales for May. It is due out at 10:00 a.m. Eastern time. Most economists hope that we will see a second consecutive increase in the report, after the winter months proved difficult for this segment.
Looking at the remainder of the week, consumer confidence is due tomorrow morning. Another gain is anticipated, and there may be some upside potential to the report.
Wednesday will bring both durable goods orders and the third estimate for first-quarter GDP.
Durable Goods could show some weakness at the headline level as one of the more volatile components, defense spending, may be a drag on the report.
A few downward revisions in GDP components may mean that the third estimate will be even lower than the prior estimate of negative 1.0 percent.
– By Bill Hall