The FHFA Housing price index for April is also due in the morning, but is not typically a market mover.

wednesday: The May new home sales index from the Census Bureau is due shortly after the start of trading. The index is expected to have fallen to a seasonally adjusted annual rate of 427,000 units, from a 504,000 unit rate in the previous month.

The weekly crude oil inventories report from the government is also due in the morning.

Thursday: The Commerce Department releases the durable goods orders report for May in the morning. Orders are expected to have fallen 1.4% after rising 2.8% in April. Orders excluding transportation are expected to have risen 1.25% after falling 1.1% last month.

The number of Americans filing new claims for unemployment is expected to have fallen to 458,000 last week from 472,000 the previous week. Continuing claims, a measure of Americans who have been receiving benefits for a week or more, are expected to have risen to 4,580,000, from 4,571,000 last week.

Oracle (ORCL, Fortune 500) reports quarterly results Thursday evening. The software maker is expected to report earnings of 54 cents per share, up 17% from a year ago, and revenue of $9.5 billion, up 38% from a year ago.

Friday: The revised reading on gross domestic product (GDP) growth in the first quarter is due in the morning. GDP is expected to have grown at a 3% annualized rate, unchanged from the previous reading.

The University of Michigan’s final reading on consumer sentiment in June is due in the morning. It’s expected to hold steady at 75.5, unchanged from the last reading. To top of page

The Labor Department will announce the five major non-farm payrolls in May this week. Analysts expect the figure will increase to 51.3 million , non-farm employment figures in April increased by 29 million people. If the projections are accurate, then it will become the biggest increase in 26 years.

after U.S. stocks opened, the U.S. Institute for Supply Management (ISM) reported that non-manufacturing activity index in May was 55.4% identical with the previous two months of reading. Analysts expect the figure will drop to 55.2%. Reading above 50 indicates expansion in service sector activities occur.

The ISM service sector data on the labor market is considered positive, the population of employment in the agricultural industries,80% of people employed in service industries.

Despite the recovery in the U.S. services sector slowed down,  the manufacturing sector continued to expand. The us Commerce Department reported that new U.S. factory orders in April rose 1.2%, Analysts expect the figure will rise to 1.8%. orders in March were up 1.7% for growth.

Federal Reserve Chairman Ben Bernanke delivered a written speech in Detroit on Thursday, he said the unemployment rate is still very worthy of concern.

in Other economic data, the us first-quarter productivity down from 3.6% to 2.8%, the market is expected to grow 3.4%.it is showed in another report of the Labor Department
European markets finished higher. Japan’s Nikkei 225 average rose 3.2 percent, it is the biggest single-day record gains during the year, depreciation of the yen surged to stimulate the exporter-related stocks. New York crude oil futures prices closed higher, gold futures prices down.

Although there are some bright spots of today’s economic data, but not enough to maintain the buyer’s interest. The Labor Department report showed that the the number of first time retrenched workers in United States reduced , The Labor Department announced that initial claims for unemployment benefits declined by 1 million last week, the total dropped to 45.3 million, basically consistent with economists average expected a decline to 45 million people .

ADP employment report showed private sector employment last month increased 55,000, although this result was lower than economists expected an increase of 6 million people, the number of jobs created in April will be revised up to 6.5 million people, more than double the previous estimate.