Money

Amazon, Abercrombie & Fitch and other top money stories of the week

We know you're busy and, these days, it feels like there's more news than ever to keep up with. Well, we've got you covered.

Here's a preview the week's biggest money stories to watch for and a quick rundown of how they may affect you.

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Mark Wilson | Getty Images

Amazon roars on

What's happening: Amazon is holding its annual shareholder meeting where Bezos could unveil new exciting plans

Why it matters: The online shopping behemoth has been on a tear and investors want to know if the good times will continue

Amazon is kicking off its annual shareholder meeting this week, where investors around the world descend on to Seattle to learn what else magician CEO Jeff Bezos has up his sleeve. Just this week reports that the tech giant is considering getting into the pharmacy business, too.

Amazon's dominance continues to impress and Wall Street is cheering. The stock has soared 40 percent over the past year.

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NurPhoto | Getty Images

Big box report

What's happening: Best Buy reports earnings on Thursday

Why it matters: The chain's profits continue to get hurt by intensifying competition with Amazon.

Best Buy continues to feel the pain as more customers open their laptop, or phone, to buy electronics without going into a store. The question is whether Best Buy's attempt to improve its online offering will bring sales back … or if it's too little too late.

Male models pose outside the Abercrombie & Fitch flagship clothing store in Munich, Germany.
Hannes Magerstaedt | Getty Images
Male models pose outside the Abercrombie & Fitch flagship clothing store in Munich, Germany.

Teen retail is so hard

What's happening: Abercrombie & Fitch reports earnings on Thursday

Why it matters: Teen retail is under so much pressure right now. Will the traditional brands be able to survive?

Blame fickle teenagers and the rise of fast fashion retailers like H&M and Zara: Abercrombie & Fitch has struggled to maintain its appeal, and it's about to report earnings. The teen retailer may also provide further details on whether it has found any potential bidders after recently announcing that it is looking to sell its biz.

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Justin Sullivan | Getty Images

Time to buy a home, honey?

What's happening: New home sales data due on Tuesday

Why it matters: Housing, a significant part of the U.S. economy, has been showing signs of weakness

Rising interest rates could have a huuuuge impact on whether Americans continue to buy homes. Existing home sales data on Thursday will tell us whether high rates are starting to impact our purchasing habits.

But what could really change the scope of housing is millennials, who are, at last, becoming owners in higher numbers. BMO Capital's Jack Ablin says while a majority of young people surveyed by Fannie Mae would prefer to own their own home, rising rents could be prompting the shift. Since 1977, incomes have expanded by 300 percent, while rents grew by 400 percent. "Unless rent growth is rolled back, expect the millennial buying binge to continue," said Ablin.

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Mark Wilson | Getty Images

Let's make America grow again

What's happening: U.S. real GDP due on Friday

Why it matters: Growth has been underwhelming, though the President has promised to turn the economy around

The latest figures on growth will give Wall Street a sense as to whether the economy is chugging along or in dire need of a boost. A disappointing number will likely put more pressure on the Washington to put the drama to the side and get pro-growth policies passed. Unless Russia keeps getting in the way …