Tomorrow's Headliners: Existing Home Sales

Before the start of Tuesday's session, investors will receive key housing data that is expected to show that existing home sales rose in May.

At 8:30 a.m. EDT, the National Association of Realtors will post existing home sales data for May, with economists expecting sales to have increased to 4.82 million annualized units last month from 4.68 million units in April.

Many market analysts have argued that any economic recovery will be based on the health of the housing market, meaning Tuesday's report will certainly influence trading.

Tuesday also marks the first of a two-day meeting for the Federal Reserve. A rate decision won't come until Wednesday at 2:15 p.m. EDT. Economists do not expect the central bank to change the fed funds rate; instead, they will focus on the phrasing of the Fed's statement.

In April, the Fed maintained the target range for the federal funds rate at zero to 0.25%, saying that it expects economic conditions to warrant continued low rates for an extended period.

In stock news, Kroger (KR Quote) will report quarterly results before the start of trading, while Oracle (ORCL Quote) and Darden Restaurants (DRI Quote) are expected to release earnings after Tuesday's close.

Meanwhile, CarMax (KMX Quote) will hold its annual shareholders meeting, and BMC Software (BMC Quote) will hold an analyst meeting.