Today the market will continue digesting the

Federal Reserve's decision to again lower interest rates. Yesterday, the Fed

cut the

fed funds target rate to 4%, the fifth time rates have been lowered this year. Today, the

Consumer Price Index for April, along with several big earnings reports, will be released.

The CPI, which is put out by the

Labor Department

, measures the change in the cost of a representative basket of goods and services such as food, energy, housing, clothing, transportation, medical care, entertainment and education. The CPI is a way to gauge inflation and the numbers often move the markets.

On the earnings front,

Hewlett-Packard

(HWP)

,

Krispy Kreme Doughnuts

(KREM)

and

Federated Department Stores

(FD)

all are due to report on Wednesday.

This table includes S&P 500 companies only. Dates are as expected according to First Call/Thomson Financial, and may change.

Economic Data

(

Forecasts are from

Reuters

. Times are Eastern. For a longer-term economic calendar and more, see

TSC's

Economic Databank.

)

  • 7 a.m.: Mortgage Applications Survey for the week ended May 11 -- Refinancing index. Source: Mortgage Bankers Association. Forecast: n.a. Previous: 1970.0. Purchase index: Forecast: n.a. Previous: 316.3.
  • 8:30 a.m.: Consumer Price Index for April. Source: Labor Department. Forecast: +0.4%. Previous: +0.1%. Ex- food and energy: Forecast: +0.2%. Previous: +0.2%.
  • 8:30 a.m.: Housing starts for April. Source: Census Bureau. Forecast: 1.593M. Previous: 1.613M. Building permits: Forecast: 1.596M. Previous: 1.630M
  • 8:30 a.m.: Real earnings for April. Source: Labor Department. Forecast: n.a. Previous: +0.7%.
  • 9 a.m.: Treasury buyback. Source: Bureau of the Public Debt. The Treasury announces the details of tomorrow's reverse auction.
  • 6:30 p.m.: Consumer Comfort Index for the week ended May 12. Source: ABC News and Money Magazine. Forecast: n.a. Previous: 1.