Investors search for signs U.S. will avert a double dip

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NEW YORK (CNNMoney) -- Wall Street will remain on edge this week as investors continue their search for more signs that the economy isn't heading toward another recession.

The economic data this week will provide insight on multiple aspects of the economy, including housing, durable goods and the labor market. The biggest event of the week will be the Federal Reserve's two-day Federal Open Market Committee meeting on Tuesday and Wednesday.

"It's less about the individual data points and more the overall collection of numbers next week," said Liz Ann Sonders, chief investment strategist with Charles Schwab. "We have hit a soft spot, but we do not think the economy is at a significant risk of a second recession." (IMF trims U.S. economic outlook)

While interest rates are not expected to change from their near-zero levels, investors will await comments from the central bank regarding the recent deterioration in the economy and the future of its bond-buying program, which ends on June 30.

"Investors are not sure if the patient will walk on its own when you take that crutch away," said Jim Dunigan, managing executive of investments for PNC Wealth Management.

The Dow and S&P ended their six-week losing streak in part because there were some signs that the economy was heading back in the right direction.

Misery index hits new high

Weekly jobless claims fell more than expected to 414,000, claims while the Conference Board's Leading Economic Indicators, a gauge that can show which way the economy is headed, was up more than double what economists had expected. Retail sales figures also came in well above expectations.

But it's too early to tell if this week's economic data is the beginning of a trend back up, market observers said.

"We still need to see those [jobless claim] numbers come down and break through 400,000," said Quincy Krosby, market strategist with Prudential Financial. "The market is very sensitive right now to the possibly of a global economic slowdown."

End of the line: What a Greek default means

Market strategists said outside the economic data, investors will continue to monitor the ongoing developments out of Europe related to Greece's debt crisis. Wall Street will also get quarterly results from several companies, including Oracle (ORCL, Fortune 500) and FedEx. (FDX, Fortune 500)

Monday -- There are no economic data or company earnings scheduled for release on Monday.

Tuesday -- Wall Street will get May existing home sales from the National Association of Realtors at 10 a.m. ET. Economists surveyed by Briefing.com expect the pace of existing home buying to slow to 4.78 million annualized units, down from 5.05 million units in April.

Bookseller Barnes & Noble (BKS, Fortune 500) will report before the market open on Tuesday, with media software giant Adobe (ADBE) reporting after the close. Analysts expect Barnes & Noble to post a loss of 91 cents a share according to Thomson Reuters, while Adobe is expected to earn 51 cents a share.

Wednesday -- The Federal Reserve will conclude its two-day meeting on Wednesday, with the interest rate decision being announced at 12:30 p.m. ET. Fed Chairman Ben Bernanke's press conference starts at roughly 2 p.m. ET.

In earnings, shipping company FedEx (FDX, Fortune 500) is scheduled to report its results before the market open, with analysts expecting the company to earn $1.72 a share. Also reporting on Wednesday is home decor retailer Bed Bath & Beyond (BBBY, Fortune 500).

Thursday -- Investors will get weekly jobless claims from the Labor Department at 8:30 a.m. ET followed later by May new home sales from the Census Department at 10 a.m. ET.

Economists are looking for weekly claims to rise to 418,000 from last week's 414,000 claims, while new home sales are expected to fall to 305,000 annualized units from April's 323,000 annualized units.

Software giant Oracle (ORCL, Fortune 500) will report its earnings after the market open on Thursday. Analysts expect Oracle to earn 71 cents a share. Investors will also get earnings from ConAgra Foods (CAG, Fortune 500), H&R Block (HRB) and homebuilder Lennar (LEN).

Friday -- The Commerce Department will release its third reading on first-quarter gross domestic product at 8:30 a.m. ET, as well as May durable goods orders.

First quarter GDP is expected to remain steady at 1.8% growth according to economists' estimates. Durable goods orders are expected to rise 1% compared with April's 3.6% decline in orders.