Durable goods, German data on tap

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Durable-goods orders are the only U.S. economic report today.

The Commerce Department will release the numbers for April at 8:30 a.m. ET. Economists expect a gain of 1.6 percent for the overall number and 0.5 percent excluding volatile transportation equipment. March saw declines of 6.9 percent and 2.9 percent respectively.

German also has two data releases earlier in the morning: gross domestic product and its Ifo survey of business confidence. Both could affect macro sentiment.

Next week is relatively quiet and begins with markets closed on the Memorial Day holiday. Tuesday brings the Case-Shiller index of home prices and consumer confidence.

Initial jobless claims and the revision to previously released first-quarter GDP follow on Thursday.

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