Wednesday's session was marked by Retail Sales figures. U.S. retail and food services sales for April, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $436.8 billion, virtually unchanged from the previous month, and below forecasts on 0.3% increase, but 0.9% above April 2014. Total sales for the February 2015 through April 2015 period were up 1.5% from the same period a year ago. 

On Thursday PPI and Unemployment Claims figures were released. The Producer Price Index for final demand fell 0.4% in April, seasonally adjusted, missing expectations on 0.1% increase. Final demand prices moved up 0.2% in March and decreased 0.5% in February. On an unadjusted basis, the index for final demand declined 1.3% for the 12 months ended in April. In April, more than 70% of the decrease in final demand prices can be attributed to a 0.7% decline in the index for final demand goods. Prices for final demand services edged down 0.1%.

Separate report on Unemployment Claims showed that in the week ending May 9, the advance figure for seasonally adjusted initial claims was 264,000, a decrease of 1,000 from the previous week's unrevised level of 265,000. Analysts were predicting incline to 274,000. The 4-week moving average was 271,750, a decrease of 7,750 from the previous week's unrevised average of 279,500. This is the lowest level for this average since April 22, 2000 when it was 266,750.

Friday's session was marked by Empire State Manufacturing Index, Industrial Production and Consumer Sentiment figures. The May general business conditions index advanced four points but, at 3.1, indicated that business conditions were only slightly better over the month. Analysts were anticipating increase to 5.1. Thirty percent of respondents reported that conditions had improved, while 27 percent reported that conditions had worsened.

The University of Michigan preliminary index of sentiment dropped to 88.6, the lowest since October, from 95.9 in April. Analysts were predicting incline to 96.5. The 7.3 point decrease was the largest since December 2012. “The decline was widespread among all age and income subgroups as well as across all regions of the country,” Richard Curtin, director of the Michigan Survey of Consumers, said in a statement. “To be sure, the recent decline in consumer confidence does not indicate an incipient downturn in consumption and residential investment. Rather the data indicate a reluctant acceptance on the part of consumers that economic growth will remain near the same lackluster pace recorded during the past several years.”

Also, industrial production figures were released showing 0.3% decrease in April for its fifth consecutive monthly loss, missing forecasts on 0.1% increase. Manufacturing output was unchanged in April after recording an upwardly revised gain of 0.3% in March. In April, the index for mining moved down 0.8%, its fourth consecutive monthly decrease; a sharp fall in oil and gas well drilling has more than accounted for the overall decline in mining this year. The output of utilities fell 1.3% in April. At 105.2% of its 2007 average, total industrial production in April was 1.9% above its year-earlier level.

This week markets will be looking at:

Building Permits/Housing Starts (Tuesday 14:30)

FOMC Meeting Minutes (Wednesday 20:00)

Unemployment Claims (Thursday 14:30)

Philly Fed Manufacturing Index (Thursday 16:00)

CPI (Friday 14:30)