Lots of stuff happening today.
Here is a full rundown from GS:
8:30: Consumer Price Index (April): Firm core. CPI inflation likely decelerated in April on a decline in energy prices. We forecast an increase of just +0.05% (month-over-month) for the all-items index. In contrast, we expect another firm reading for the core CPI of +0.19%. Although we expect that apparel and new vehicle prices declined during the month, this was likely offset by stable rent inflation and faster price gains in used vehicles and a few other items.
CPI: GS: +0.05%; Consensus: Flat; Last +0.29%.
Core CPI: GS: +0.19%; Consensus: +0.2%; last +0.23%.
8:30: Retail sales (April): Below consensus. We forecast that retail sales declined slightly in April, given weak chain-store sales results, weather payback and flat vehicle sales during the month. The core (or "control") measure should increase modestly.
Total: GS: -0.1%; Consensus: +0.1%; Last: +0.8%.
Ex-autos: GS: -0.1%; Consensus: +0.2%; Last: +0.8%.
Ex-autos, gas & building materials: GS: +0.1%; Consensus: +0.3%; Last: +0.4%.
8:30: Empire State Index (May): Slightly better? The Empire State index will provide an early read on manufacturing activity in May. The consensus forecasts a small improvement to +9.0 from +6.6 previously.
Consensus: +9.0; Last +6.6.
9:00: TICS net inflows (March). Foreign inflows into long-term US securities slowed in February on lower net inflows into Treasuries. Net inflows into agency securities have been roughly steady, while inflows into equities have increased.
Consensus: +$33bn; last +$10bn.
9:30: Federal Reserve Governor Elizabeth Duke on "Prescriptions for Housing Recovery".
10:00: Business inventories (March). Not a market mover, but the report could have implications for revisions to Q1 GDP growth (originally reported at +2.2% annualized; now tracking +2.1%).
Consensus: +0.4%; last +0.6%.
10:00: Housing Market Index (May): Steady? The NAHB's homebuilder sentiment index lost some steam in April after generally improving figures over the preceding 6-9 months. The consensus looks for a rebound to 26 for May, but this would leave the index below its March level (28).
Consensus: 26; Last 25. MAP: 1