Monday
Earnings Announcements: Novellus (NVLS)

Tuesday
Economic Reports: Core PPI, PPI, Retail Sales

Will this be the month that we finally see inflation take hold? If expectations come true, it very well could be. PPI is anticipated to show an increase of nearly 1%. Core PPI (which excludes food and energy costs) is expected to show an increase of 0.10%. Read the full story

Tuesday

Economic Reports: Building Permits, Housing Starts, PPI, Core PPI, Industrial Production

Despite the continued onslaught in the housing market, expectations are for an increase in both building permits and housing starts. Only once in the last six months have either of these reports exceeded analyst expectations. I expect the trend continues, with both of these reports falling short of expectations.

Both the Producer Price Index (PPI) and Core PPI are expected to increase this month. The PPI reading is expected to post a significant increase compared to last month. Core PPI (which excludes food and energy costs) is expected to post a slight increase over last month.

Industrial Production is likely to indicate a seemingly endless decline in the manufacturing sector. It will likely be quite a while until this report turns around.

Earnings Calendar: Best Buy (BBY), Adobe (ADBE)

Wednesday

Economic Reports: CPI, Core CPI

The Consumer Price Index (CPI) and Core CPI and expected to post vastly different numbers for May. The CPI figure is anticipated to show a deflationary reading of -0.90%. This is due to the continued drop in food and energy prices. The Core CPI figure, which excludes food and energy, is expected to post a slight increase since last month.

Earnings Calendar: FedEx (FDX)

Thursday

Economic Reports: Philadelphia Fed

The Philly Fed report could provide some good news for the market to mull over on Thursday. While the report will likely indicate ongoing contraction in the manufacturing sector, the reading is slowly moving toward zero. A reading above zero indicates expansion.

Earnings Calendar: Research In Motion (RIMM)

Tuesday

Earnings Announcements: AMAT

Wednesday

Economic Reports: Retail Sales

This is the first major report coming out this week, and could have a real impact on the markets. Expectations are for a decline in sales since last month, albeit at a slower rate than previous months. I’ve mentioned it before, but until Americans feel confident about the future of the economy, they won’t spend money. A slowing decline could show some hope that things are bottoming out. Tied into this report, and worth noting, is the large number of clothing retailers that are reporting this week (Macy’s, Nordstrom’s, JC Penney, Abercrombie and Fitch, Kohl’s, and American Apparel), and Wal-Mart’s earnings are announced on Thursday. Read the full story

This promises to be a very busy week with a full calendar of economic reports and earnings announcements, so let’s dive right in and highlight some of the more important ones. Read the full story