Patti Domm is CNBC executive news editor, responsible for news coverage of the markets and economy. Prior to joining CNBC in 1999 as senior news editor, Domm was the equities editor for the Americas at Reuters. She was also Wall Street editor at Reuters, reporting on mergers, acquisitions and the Street. She also edited three CNBC books on personal investing. Domm serves on the board of the Financial Womens Association of New York.
"It's a 'show me' period, but the expectation is that the data is going to disappoint, as it mostly has for the last few weeks," said Binky Chadha, chief U.S. strategist at Deutsche Bank.
Stocks start Wednesday in what could be a low volume walk up to the three-day Memorial Day weekend. With the absence of much other news, traders this week have been looking over their shoulders at the credit markets, where a rush of new debt issuance is flashing positive signs for the economy.
Wall Street's bears were trampled Monday, but traders say it's just a matter of time before they fight back. Once more, the market's disbelievers were proven wrong. Stocks raced 3% higher, as commodities rose, bonds sold off and the dollar and yen weakened.
Good news from Intel will compete with fresh economic data and a speech by the Treasury secretary for investors' attention ahead of the opening Wednesday. Retail sales and import prices for April, plus business inventories data for March are also due.
Like a financial Pied Piper, European Central Bank President Mario Draghi could call the tune for markets Thursday.
Check out which companies are making headlines after the bell Wednesday: Vivint Solar, H&R Block, Encana & more.
Names on the move ahead of the open.
Wednesday's reports will be mined for clues on whether the economy is strong enough for the Fed to become less "patient."
Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.
A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.
CNBC's Senior Personal Finance Correspondent
JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC
Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.
Senior Producer at CNBC's Breaking News Desk.