Retail earnings: Investors will be keen to learn how consumer spending held up for Dollar Tree, as the discount retailer benefits from an inflationary environment that has driven more bargain-seeking customers to its doors. There should also be clues on the health of higher-end spenders, with quarterly results from luxury apparel retailer Ralph Lauren out before the opening bell. Electronics retailer Best Buy also reports this morning, while warehouse retailer Costco reports after the closing bell.

US GDP: Economists expect the second estimate for first-quarter economic growth to come in at 1.1 per cent, unchanged from the advance figure, but still down from 2.6 per cent in the final quarter of 2022.

Other economic data: New applications for unemployment aid are forecast to have edged up to 245,000 in the week ended May 20 from 242,000 jobless claims in the week before. Pending home sales are forecast to have increased 1 per cent in April, down from a decline of 5.2 per cent in March, according to economists polled by Refinitiv.

Fedspeak: Federal Reserve Bank of Richmond president Thomas Barkin will discuss economic opportunities for rural communities of south-west Virginia before the Southwest Virginia Economic Forum. Boston Fed president Susan Collins will participate in a fireside chat with students and staff of the Community college of Rhode Island.