“Rising volatility in stocks and commodities could continue to be a dominant theme in the week ahead, as investors watch the latest U.S. economic reports for signs the recovery is moving forward.
Markets will also remain focused on the European debt crisis, as European heads of state meet early in the week. Greece, Portugal and Ireland are expected to dominate the discussion.
European finance ministers meet Tuesday, and the IMF, European Central Bank team spend the week in Athens. Greece is expected to present a new fiscal strategy that will include new austerity measures and privatizations, and the IMF staff may make a statement by the end of the week.
The week’s U.S. data includes a fresh look at April housing activity. Investors here will also keep a close eye on the continuing damage from rising flood waters along the Mississippi, which threatens to disrupt oil refineries.
Hewlett-Packard [HPQ 40.41 
-0.47 (-1.15%) 
], Dell [DELL 16.37 -0.29 (-1.74%) ] and a few big retailers issue earnings, including Wal-Mart [WMT 55.72 — UNCH ] on Tuesday.”
