Market Direction Week of May 23, 2016

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Last Week Review: Stocks were marginally higher on the week, ending a three-week stretch of negative returns. The path to these gains, however, was bumpy, as the S&P 500 recorded average intraday swings of 1.1%. Driving this volatility was the Federal Reserve's minutes from its meeting in April. The minutes revealed that the committee thinks it may be appropriate to raise short-term interest rates in June if the labor market continues to strengthen, inflation continues to rise at an annual rate of 2%, and economic growth accelerates in the second quarter. Moving ahead, markets will continue to fixate on trying to identify when the central bank will raise rates again, which could be an ongoing source of volatility. Don't let large daily swings in the market alter your long-term investment strategy.

How the market finished last week, the S&P 500 up 0.3%, the Nasdaq up 1.10%, and the Dow down 0.2%.

This Week: Next week, not a lot of news. The oversees geopolitical problems still dominate the headlines. Some of the reports to watch are PMI, durable goods orders, and personal consumption expenditures data will be the most watched economic releases.

Economic Calendar: International Trade in Goods (5/25), EIA Petroleum Status Report (5/25), Durable Goods (5/26), GDP (2/17)

Some of the major earnings announcements on deck: AZO, RYAAY, COST, PANW, DLTR.

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