Retail Sales, Housing Starts, Industrial Production, Fed Speak

The week begins on a light note with no major data scheduled for release. However, one week ahead of the Federal Reserve’s Open Market Committee meeting, markets will hear three central bank officials voice their opinions on policy, regulation, and the economic outlook.

Equity futures are looking to extend Friday’s losses, which put an end to five straight daily advances. Despite the slide on Friday, the benchmark S&P 500 gained 2.6% on the week as a series of fresh data points helped investors overcome the sentiment that equities were overheated. Since hitting a 12-year low in early March, the S&P 500 has advanced by 52.6%, marking the fastest spurt since the 1930s and putting the index at its highest level in 11 months.

Looking ahead to this week’s data, it would appear there’s a good chance for equities to build on those gains. The week’s biggest release, retail sales, is set to have “a blockbuster performance” in August owing to the cash-for-clunkers program, according to analysts at TD. The government’s incentive program should also boost the industrial production numbers for July, and housing starts are expected to see their fifth monthly gain while the housing market slowly stabilizes.

But that’s all later in the week; with no data on the docket for today, the market’s direction will be less clear. Looking to global markets for a sense of investor sentiment provides no optimism. Aside from the 1.24% gain in China’s Shanghai Index, stocks are performing poorly to begin the week. Japan’s Nikkei fell 2.32% and Hong Kong’s Hang Seng shed 1.08%, while in Europe, London’s FTSE 100 is currently down 0.74% and France’s CAC 40 is down nearly 1%.

Meanwhile, reversing trends from last week: the US dollar has rebounded from annual lows seen, WTI Crude is down 79 cents to $68.50 per barrel, and Gold is back under the $1,000 per ounce mark at $998.80.

Key Releases This Week:

Monday:

8:35 â€