Trade fears, growth and earnings headline the week ahead

By MarketsFOXBusiness

Concerns Trump's trade battle with China could spin out of control

Wall Street Journal Chief Economics Commentator Greg Ip on the mounting trade tensions between the U.S. and China.

Another week begins with markets concerned about rising trade fears.

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President Trump is preparing a plan that will further ramp up trade pressure on China.

The plan would bar many Chinese companies from investing in U.S. technology firms, and by blocking additional technology exports to Beijing, according to Dow Jones.

The curbs are reportedly set to be announced by the end of the week.

Last week, Trump threatened to impose tariffs on as much as $450 billion of Chinese goods.

Tariffs of 25% go into effect on $34 billion of Chinese imports on July 6

Traders will get the first of this week’s reports on housing on Monday in the form of new home sales.

On Tuesday, the Case-Shiller report on home prices for April will be released. The March report showed prices in the 20-city index rose 6.8 percent, making it 12 straight months of rising home prices.

Investors will also get the latest report on consumer confidence, which rebounded in May following a slight decline in April.

And in an historic move, Walgreens will replaces General Electric in the Dow. GE had been in the Dow for more than a century.

Wednesday’s reports include durable goods and pending home sales.

Earnings include: Bed Bath & Beyond, General Mills, Paychex, Pier 1 and Rite Aid.

Traders will get the third and final read on first quarter growth on Thursday. Growth of 2.2 percent on an annual basis is expected, which would be unchanged from the second reading.

The government will also release the report on weekly jobless claims.

The Federal Reserve will also release the second round of bank stress test results.

Federal Reserve Bank of St. Louis President James Bullard participates in moderated discussion on the U.S. economy and monetary policy before the Ascension Health Management Annual Conference.

Earnings are scheduled from  Accenture, Conagra Brands, McCormick, Walgreens Boots Alliance,  KB Home and Nike.

On Friday, the final reports of the week will be personal income/spending  and consumer sentiment.