Tuesday's session was marked by Durable Goods Orders, Manufacturing PMI and New Home Sales figures. New orders for manufactured durable goods in May decreased $4.1 billion or 1.8% to $228.9 billion, missing forecasts on 0.6% decrease. This decrease, down three of the last four months, followed a 1.5% April decrease. Excluding transportation, new orders increased 0.5%,in line with market expectations. Excluding defense, new orders decreased 2.1%. Transportation equipment, also down three of the last four months, drove the decrease, $4.9 billion or 6.4% to $71.7 billion.

Purchases of new homes in the U.S. rose in May to the highest level in seven years, signaling the industry is gaining momentum heading toward the second half of the year. Sales climbed 2.2% to a 546,000 annualized pace. Stronger employment and income prospects are bolstering would-be home buyers, allowing them to take advantage of relatively cheap borrowing costs even as home prices appreciate. The sales gains indicate residential real estate should withstand increases in borrowing costs as the Federal Reserve prepares to start tightening policy later this year.

US Manufacturing PMI registered 53.4 in June, down from 54.0 in May and the lowest reading since October 2013. Analysts were anticipating incline to 54.2. Softer output growth was a principal factor behind the decline in the headline index during June. In contrast, new business growth picked up slightly from May’s 16-month low and job creation accelerated to its strongest since November 2014.

Wednesday's session brought GDP figures. Real GDP decreased 0.2% in the first quarter of 2015, in contrast to an increase of 2.2% in the fourth quarter of 2014. The downturn in the percent change in real GDP reflected a deceleration in PCE and downturns in exports, in nonresidential fixed investment, and in state and local government spending that were partly offset by upturns in private inventory investment and in federal government spending and a deceleration in imports.

On Thursday Unemployment Claims data was published. In the week ending June 20, the advance figure for seasonally adjusted initial claims was 271,000, an increase of 3,000 from the previous week's revised level. This was inline with market forecasts. The 4-week moving average was 273,750, a decrease of 3,250 from the previous week's revised average. The advance seasonally adjusted insured unemployment rate was 1.7% for the week ending June 13, unchanged from the previous week's unrevised rate.

This week markets will be looking at:

Pending Home Sales (Monday 16:00)

Chicago PMI (Tuesday 15:45)

CB Consumer Confidence (Tuesday 16:00)

ADP Non-Farm Employment Change (Wednesday 14:15)

ISM Manufacturing PMI (Wednesday 16:00)

Non-Farm Employment Change/Unemployment Rate (Thursday 14:30)