Comments from Fed Chairman Ben Bernanke, European Central Bank President Jean-Claude Trichet and Bank of Japan Governor Masaaki Shirakawa will highlight the day's economic news, along with the release of U.S. factory orders. Markets will also see the sale of a 52-week U.S. Treasury bill in the afternoon.
The day kicks off at 7:45 a.m. EDT with the release of ICSC's chain store sales for the week ending June 1. In the previous week, sales rose 1.5% year-over-year.
At 8:55 a.m. EDT, Redbook will release chain store sales for the week ending June 1. In the previous week, sales rose 1.7% year-over-year.
At 9 a.m. EDT, Fed Chairman Ben Bernanke, European Central Bank President Jean-Claude Trichet and Bank of Japan Governor Masaaki Shirakawa will speak at an IMF conference in Barcelona, Spain.
At 10 a.m. EDT, the U.S. Department of Commerce will release factory orders for April, which are expected to decline 0.1% month-over-month following a revised 1.3% increase in March.
At 11:30 a.m. EDT, Alan Holmer, U.S. Special Envoy for China and the Strategic Economic Dialogue, will deliver remarks about the economic and commercial relationship between the U.S. and China. He will be speaking at 'China Business 2008: Expanding Opportunities in China for American Business' at the U.S. Chamber of Commerce in Memphis, Tennessee.
At 12:45 p.m. EDT, Treasury Undersecretary for International Affairs David H. McCormick, will deliver 'Remarks on a New Consensus on Globalization' at the World Affairs Council in Pittsburgh, Pennsylvania.
At 1 p.m. EDT, the U.S. Department of Treasury will sell $16 billion in 52-week bills and $23 billion in four-week bills.
At 5 p.m. EDT, markets will receive ABC's consumer comfort index for the week ending June 1, which is expected to remain unchanged at -51.
At some point on Tuesday, markets will receive U.S. total and domestic vehicle sales for May. Economists are expecting 10.8 million vehicles to be sold domestically following April's 10.6 million sales. Total vehicle sales are expected to come in at 14.6 million compared to the previous month's 14.4 million sales.
7:45 US ICSC Chain Store Sales W/E June 1 Prior: +1.5%
8:55 US Redbook Retail Sales W/E June 1 Prior: +1.7%
9:00 US Bernanke, Trichet, Shirakawa Speak in Barcelona, Spain
10:00 US Factory Orders April Exp: -0.1% Prior: +1.4% Revised: +1.3%
13:00 US Treasury to Sell $23B 4-Week Bills
13:00 US Treasury to Sell $16B 52-Week Bills
17:00 US ABC Consumer Confidence 1-Jun Prior: -51
US Domestic Vehicle Sales May Exp: 10.8M Prior: 10.6M
US Total Vehicle Sales May Exp: 14.6M Prior: 14.4M
By Erik Kevin Franco and edited by Nancy Girgis