At 8:30 AM EDT, the U.S. government will release its weekly Jobless Claims report. The consensus is that there were 448,000 new jobless claims last week, which would would be a slight improvement from last week, and falls within the range of reports in recent weeks.
Also at 8:30 AM EDT, the International Trade report for April will be released. The consensus is a deficit of $41 billion, which would be a increase of $1.3 billion over March. The expected increase in the trade gap is being attributed to higher oil prices.
At 10:00 AM EDT, Treasury Secretary Tim Geithner will testify to the Senate Finance Committee about relations between the United States and China.
Also at 10:00 AM EDT, the Quarterly Services Survey will be released, showing the status of the information and technology-related service industries.
At 10:30 AM EDT, the weekly Energy Information Administration Natural Gas Report will be released, giving an update on natural gas inventories in the United States.
At 2:00 PM EDT, the Treasury budget for May will be released. The consensus is a deficit of $140 billion, after a deficit of $82.7 billion in April due to weaker than expected tax receipts.
At 4:30 PM EDT, the Federal Reserve will release its Money Supply report, showing the amount of liquidity available in the U.S. economy.
Also at 4:30 PM EDT, the Federal Reserve will release its Balance Sheet report, showing the amount of liquidity the Fed has injected into the economy by adding or removing reserves.