The S&P 500 leapt past its "Liberation Day" close this past week as equity markets reacted jubilantly to the de-escalation of the trade war between the world's two largest economies. The index is now trading around its late February levels.

Tariff headlines will remain in focus in the coming week, a quiet one for scheduled announcements in markets. Updates on activity in the manufacturing sector and weekly filings for unemployment highlight the light economic calendar.

Wall Street is looking ahead to the next catalyst for further gains. That might come in the form of the Republican tax bill currently working its way through the House of Representatives.

A solid first-quarter earnings season winds down this week with many retailers on tap. Industry behemoth Walmart last week reported strong results but warned that tariff-induced price increases were on the way. Home Depot report results on Tuesday, Lowe's and Target on Wednesday, while Deckers Outdoor and Williams-Sonoma announce earnings on Thursday.

It's a relatively quiet week for economic data releases with S&P Global releasing its Manufacturing and Services PMI on Thursday. Also on Thursday The National Association of Realtors reports existing-home sales, while the Census Bureau reports new home sales on Friday.

Monday 5/19

Ryanair Holdings and Trip.com Group announce earnings.

Tuesday 5/20

Home Depot, Keysight Technologies, Palo Alto Networks, and Viking Holdings report quarterly results.

Wednesday 5/21

Lowe's, Medtronic, Snowflake, Target, TJX Cos., Urban Outfitters, V.F. Corp., and Zoom Communications release earnings.

Thursday 5/22

Analog Devices, Autodesk, BJ's Wholesale Club Holdings, Copart, Deckers Outdoor, Intuit, Ralph Lauren, Ross Stores, Toronto-Dominion Bank, Williams-Sonoma, and Workday announce quarterly results.

S&P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for May. Consensus estimates are for a 49.8 reading for the Manufacturing PMI and a 50.6 for the Services PMI. This compares with 50.2 and 50.8, respectively, in April.

The National Association of Realtors reports existing-home sales for April. Economists forecast a seasonally adjusted annual rate of 4.1 million homes sold, about 2% more than previously. March's existing-home sales were the lowest for that month since 2009.

Friday 5/23

Booz Allen holds a conference call to discuss fourth-quarter fiscal-2025 results.

The Census Bureau reports new home sales for April. Expectations are for a seasonally adjusted annual rate of 690,000 new single-family homes sold, 34,000 less than in March.