NEW YORK (TheStreet) -- Traders turn their attention to key housing data including New and Existing Home Sales and the FHA House Price Index next week. Data have been quite mixed this year and a strong housing market is a key factor in an improving economy. In addition, Consumer Sentiment will give a read into patterns in spending trends.
TheStreet's Jill Malandrino and Mike Khouw of Action Alerts OPTIONS point out that GDP is also on tap Wednesday, but it should not make that much of an impact following all of the commentary out of Janet Yellen and the FOMC meeting this past Wednesday as the Federal Reserve lowered its GDP target in the projections report to a range of 1.8%-2.0% from 2.3%-2.7%.
The commodity trade will also be in focus, and Khouw and Malandrino expect more range-bound action until there is more clarity in Europe with the Greece debt repayment situation and the impact on the U.S. dollar. Since commodities are priced in the U.S. dollar, they are sensitive to its movement. In addition, interest rate hike speculation continues to weigh on commodities and the market overall.
The earnings calendar remains light and will continue to be quiet until the season ramps up again in the middle of July, but there are a few key names that will drive headlines. BlackBerry (BBRY) reports on Tuesday and used to be the enterprise staple for smartphones, but has ultimately been displaced. Monsanto (MON) will deliver its quarterly report on Wednesday, and while the GMO debate is white hot, the company has raised its dividend every year since 2000.
On Thursday, sneaker and apparel industry leader Nike (NKE) reports earnings, and expectations are quite high as the company is capitalizing on the athleisure trend and the market place continues to expand.