Market dynamics to watch this week:
On Tuesday, housing sales data and the consumer confidence report will be released, while Federal Reserve Chairman Jerome Powell will speak before Congress to update lawmakers on the central bank's views on inflation and the economy.
On Thursday, more first-quarter GDP data will be released, which will provide a more comprehensive picture of the economic situation and future expectations.
On Friday, the Personal Consumption Expenditures (PCE) for May will be released, as it tracks inflation changes based on consumer spending. The Federal Reserve views the annualized core PCE price index as its preferred measure of U.S. inflation.