Home sales: Can housing shake off the slow-motion foreclosure disaster as mortgage rates dip to record lows? As a leading indicator, pending home sales (Monday 10 a.m.) will help set the tone for the next four to six weeks.
Jobs numbers: A number of reports come out Friday pre-market (8:30 a.m.) in one government release, including unemployment, nonfarm payrolls, average workweek, and average hourly earnings. Besides the status of the recovery, investors will be nervous about possible wage inflation ahead. Look for the ADP employment report (Wednesday 8:15 a.m.) to have a preliminary impact ahead of the government release.
Global growth: The International Monetary Fund releases its twice-yearly global economic outlook on Wednesday. The fund had to roll back earlier, rosier forecasts as governments cut spending. It might do so again.
Yen intervention: The Bank of Japan meets for two days starting Monday and is expected to take action to stem the rising yen, which is cutting into growth. A major intervention would mean buying up U.S. dollars, but experts note that it’s not likely to support a sliding greenback.
Major earnings: Mosaic (Monday), Wolverine, Diamond Foods, Team, Yum! Brands (Tuesday), Acuity, Constellation Brands, Costco, Helen of Troy, Monsanto, Robbins & Myers, RPM, DragonWave, Immucor, Marriott, Ruby Tuesday (Wednesday), Cantel Medical, International Speedway, PepsiCo, Alcoa, AngioDynamics, Micron, Nu Horizons Electronics (Thursday).