Equities ended last week with slight gains, though essentially went nowhere over Friday's session.
On Friday, the S&P 500 and Dow barely moved more than a few points, while the Nasdaq ended the session slightly down. The S&P 500 notched a record close, though a mere 2 points from the high set on Thursday.
Today, the Dow futures moved lower by 14 points, down about 0.08% in New York, with other index futures also lower. S&P 500 E-mini futures were down 0.15% and Nasdaq 100 E-mini futures were lower by 0.23%.
The euro fell 0.28% against the dollar, and the pound was lower by 0.25%.
Greece's government said it wouldn't back down on pledges to end austerity, even as it seeks an agreement on a deal with creditors as soon as this week to access financing and avert a default, Bloomberg reported.
Back in the U.S., investors are looking ahead towards more earnings. Although most large U.S. companies are done reporting first-quarter numbers, there are some key reports out this week. We'll be watching retail closely as a whole slew of retailers are set to report.
On Monday, Urban Outfitters (URBN) reports. This stock is firing on all cylinders and should report strong results, Jim Cramer said Friday on CNBC's Mad Money.
Urban Outfitters is projected to report another rise in comparable sales, propelled in part by its Urban Outfitters brand recovery and strong demand for its Free People line of clothing.
It's impresssive how this company seems to pump out its products to the pulse of multiple generations of shoppers. If you look at Free People, it fills a nice space between the company's brands. It fits between Urban's quirkiness that appeals to teens and Anthropologie's polish that appeals to a more mature crowd, providing the same trusted quality but with a hint of more free-spirited threads.
As jobs numbers stabilize and the economy improves, people are happy to pour more money into home improvement. And TJX and WMT are the perfect barometers for gauging how much (more) consumers are starting to spend as they still look to get more bang for their buck.
On Wednesday, we'll be taking a look at Target (TGT), a stock Cramer owns for his charitable trust Action Alerts PLUS, and we'll watch Lowe's (LOW) and Williams-Sonoma (WSM). Cramer's betting on Target performing well, along with Lowe's, but felt the West Coast port strike could still hinder Williams-Sonoma.
Purely from the perspective of total addressable market, Target should have an edge, and the company seems dedicated to optimizing operations.
Just this last week, the retailer announced that it was selling its Target Commercial Interiors commercial furnishing business to Minneapolis, MN-based Omni Workplace for an undisclosed amount.
"Target is continuing to drive our transformation by focusing on our core businesses and putting our guests at the center of everything we do. Target Commercial Interiors has a rich history and a great track record with clients, but its business model is tailored to commercial customers," Target CFO John Mulligan said on Friday.
Target also seems to eager to align itself with products that are natural and organic, a theme that's built to last, Cramer says. Just look at how well organic-friendly WhiteWave Foods (WWAV). WhiteWave, another AAP holding, is up almost 35% year-to-date.
Representatives from Campbell Soup (CPB), General Mills (GIS), Kellogg (K) and others were reportedly told that Target doesn't want to put as much money and effort into promoting some of their products as it did in the past, Dow Jones reported, citing sources.
Target said it wants to do less with Cinnamon Toast Crunch and Corn Flakes and more with granola and yogurt, the sources noted. Canned soup, a category facing a long decline, will also be de-emphasized. And the processed foods sold by Kraft Foods Group (KRFT) and others will move down the totem pole, while fancy sauces and oils will move up, the sources said.
Shoppers overall have long been looking to fresher and healthier-sounding foods and ditching canned and bagged goods, with millennials leading the movement.
Also on Wednesday, Salesforce.com (CRM) reports, a stock Cramer said is still a buy. There has been some speculation that salesforce.com is being pursued by another company, so Cramer just doesn't know what to expect. But, he has backed this stock and the CEO from the very beginning. He likes this stock because of its vision, not because of a takeover.
Finally, on Friday, it's Foot Locker (FL), which Cramer likes, Deere (DE), which he doesn't, and Campbell Soup, a stock Cramer said needs to acquire something natural and organic if it ever hopes to be worth the investment again.
In addition to earnings, on May 20, Johnson & Johnson (JNJ) will host its biannual Pharmaceutical Analyst meeting. The pharmaceutical division represents Johnson & Johnson's biggest business segment and has been the key sales-growth driver for Johnson & Johnson in recent years, contributing about 43% of total revenue and 56% of operating profits in 2014.
However, the business is facing increasing growth headwinds from new competition and patent expirations, raising questions on the business' growth prospects in the coming years, Barron's reported, citing Wells Fargo Securities analysts. They expect management to highlight the growth potential of key currently marketed products and showcase a deep late-stage development pipeline.
Wells Fargo analysts believe that Johnson & Johnson's late-stage pipeline may be better than Wall Street gives it credit for and expect the company to augment this pipeline with deals to maintain above-average growth over time.
Accordingly, despite the expected biosimilar competition over the next 18 months, analysts estimate Johnson & Johnson's 2015 to 2018 pharmaceuticals sales compounded annualized growth rate (CAGR) of 3.7%, which is in line with the pharma peer-group median.
As far as the economic calendar for the week, we'll be watching the monthly Flash PMI readings, April housing starts and existing home sales, among other things, to get the big picture. You can see a more detailed look at the economic data in the week ahead here. For a more complete list of corporate earnings to be had over the next five days, click here to view The Street's weekly earnings calendar.