After waiting for weeks for a resolution on
, Monday brought more clarity on the automaker's future. But even with the GM bankruptcy in the rearview mirror, traders will still have to focus on carmakers during Tuesday's session.
That's because auto sales data for May are scheduled to be released throughout the day, and it will likely serve as one more reminder of GM's recent woes.
There may be a glimmer of hope yet, though. Edmunds.com is forecasting that May new-vehicle sales will show an increase of 8.9% vs. April's sales figures. But make no mistake about it, sales are still depressed when compared with last year.
"This month's new vehicle sales
including fleet sales are expected to be 890,000 units, a 36.1% decrease from May 2008 but an 8.9% increase from April 2009," said Edmunds.com in a statement.
Of course, the data should show U.S. automakers continued to suffer last month amid
bankruptcy filing and uncertainty that surrounded GM's future. The combined monthly U.S. market share for Chrysler,
and General Motors is estimated to be 43.9% in May, down from 45.3% in May 2008 and down from 46.6% in April 2009.
There is very little else in terms of economic releases due Tuesday. The April read on pending home sales, due at 10 a.m. EDT, is expected to show a rise of 0.5% after 3.2% increase in March.
In other economic news, Treasury Secretary Timothy Geithner's visit to China continues. Already, Geithner has sought to assure China that the U.S. government is committed to attacking soaring budget deficits.
The earnings calendar is light Tuesday, with
among a small number of companies set to report quarterly results.