At 8:30 a.m. EDT, the U.S. Labor Department will release initial and continuing jobless claims for the weeks ending May 17 and 10 respectively. Economists expect a rise of 373k following a 371k increase in the previous week. Continuing jobless claims are expected to rise to 3,065k from the previous week's 3,060k level.

At 9 a.m. EDT, Fed Governor Randall Kroszner (voter) will speak on prospects for recovery and repair of mortgage markets at the Conference of State Bank Supervisors' annual meeting in Amelia Island, Florida.

At 9:45 a.m. EDT, U.S. Energy Secretary Samuel Bodman Testifies before the House of Representatives' Select Energy Committee on energy policy.

At 10 a.m. EDT, the U.S. Office of Federal Housing Enterprise Oversight (OFHEO) will release its housing price indexes for the first quarter of 2008 and for March. Economists are expecting the index to decline 1.3% quarter-over-quarter in the first quarter, following a 0.1% rise in the fourth quarter. There is no consensus for the monthly statistics; however, in February, the figure was up 0.6% month-over-month.

Also at 10 a.m. EDT, the U.S. Bureau of Labor Statistics will release its report on mass layoffs in April. In March, layoffs involving 50 or more employees from a single firm came in at a seasonally adjusted 1,571 reading.

At 10:30 a.m. EDT, the U.S. Energy Information Administration will release natural gas inventories for the week ending May 16. Economists are expecting an 87 bcf rise in natural gas storage following a previous 93 bcf build.

At 1:05 p.m. EDT, Bank of Canada Governor Mark Carney will speak on 'Principles for Liquid Markets' at the New York Association for Business Economics.

At 3:45 p.m. EDT, U.S. Treasury Secretary Henry Paulson will moderate a panel discussion at the National Summit on American Competitiveness in Chicago.

At 4:30 p.m. EDT, the Fed will release M1 and M2 money supply data for the week ending May 20.

8:30 CA Q1 Financial Stats for Enterprises

8:30 CA Retail Sales (M/M) March Exp: +0.3% Prior: -0.7%

8:30 CA Retail Sales Less Autos (M/M) March Exp: +0.4% Prior: -0.3%

8:30 US Initial Jobless Claims Week ending May 17 Exp: +373K Prior: +371K

8:30 US Continuing Claims Week ending May 10 Exp: 3065K Prior: 3060K

9:00 US Fed's Kroszner Speaks to State Banking Regulators in Florida

9:45 US Energy Secretary Bodman Testifies Before House of Representatives

10:00 US House Price Index (M/M) March Prior: +0.6%

10:00 US House Price Index Quarterly 1Q Exp: -1.3% Prior: +0.1%

10:00 US May Layoffs Report for April

10:30 US EIA Natural Gas Storage Change 16-May Exp: +86 Bcf Prior: +93 Bcf

13:05 CA BOC's Carney speaks on 'Principals for a Liquid Market' at an event in New York 15:45 US TSY's Paulson mediates panel on American Competitiveness at an even in Chicago

16:30 US M1 and M2 Money Supply

By Erik Kevin Franco and edited by Cristina Markham