What to expect in the week ahead (WMT, HD, TGT, ADI)

It's the tail end of first-quarter earnings season, with mostly retailers left to report this week. Government data on U.S. retail sales will also be released.

Home Depot and Walmart report on Tuesday, followed by Target, TJX, Lowe's, and Bath & Body Works on Wednesday and Ross Stores on Thursday.

Non-retailer earnings highlights this week will include Take-Two Interactive Software on Monday, Cisco Systems and Analog Devices on Wednesday, Applied Materials on Thursday, and Deere on Friday. Caterpillar and Moderna will also host investor days on Tuesday.

The economic-data highlight of the week will be the Census Bureau's April retail sales data on Tuesday morning. Expectations are for a 0.8% month-over-month rise. The Conference Board will report its Leading Economic Index for April on Thursday.

There will also be several housing-market indicators out this week: The National Association of Home Builders releases its Housing Market Index for May on Tuesday, the Census Bureau reports new residential construction data for April on Wednesday, and the National Association of Realtors reports existing-home sales for April on Thursday.

The Federal Reserve Bank of New York releases the Empire State Manufacturing Survey for May. Consensus estimate is for an 18.2 reading. After three readings close to or less than zero to begin the year, April saw a surge to 24.6, indicating growth in the region's manufacturing activity.

The National Association of Home Builders releases its Housing Market Index for May. Economists forecast a 75 reading, two points fewer than in April. The 77 figure in April was a seven-month low for the index, as 30-year fixed-mortgage rates have risen above 5% for the first time since 2011.

The Census Bureau reports retail sales data for April. Expectations are for it to be up 0.8%, month over month, while retail sales, excluding autos, are likely to have risen 0.4%. This compares with gains of 0.75% and 1.4%, respectively, in March.

The Census Bureau reports new residential construction data for April. Consensus estimate is for a seasonally adjusted annual rate of 1.76 million privately owned housing starts, slightly lower than the March figure.

The National Association of Realtors reports existing-home sales for April. Economists believe that they fell to a seasonally adjusted annual rate of 5.6 million from 5.77 million in March. It would be the third consecutive monthly decline if estimates prove correct.

The Conference Board reports its Leading Economic Index for April. Expectations are for a flat month-over-month reading of 119.6. The board currently projects 3% gross domestic product growth for 2022, despite fears of a hard landing precipitated by the expected interest-rate hikes from the Federal Reserve.