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In a holiday-shortened week ahead, Wall Street investors will have a packed calendar with several economic data and earnings reports slated to be released.

The US stock markets will be closed on Monday in observance of Memorial Day.

On the economic data front, the spotlight will be on the first estimate of the US economy for the first quarter and on the Personal Consumption Expenditures Price Index, the Federal Reserve's preferred inflation gauge.

Market participants will also receive the minutes of the Fed’s May monetary policy committee meeting.

The earnings calendar will see several big companies reporting quarterly results, such as artificial intelligence-chip giant Nvidia, technology hardware makers Dell and HP, and Salesforce.

On May 27 (Tuesday), separate reports on S&P CoreLogic Case-Shiller Home Price Index (20 cities) for March and consumer confidence for May will be released.

On May 28 (Wednesday), minutes of Federal Reserve’s May FOMC meeting will be released.

On May 29 (Thursday), separate reports on Initial jobless claims for the week ended May 24, first revised Gross Domestic Product (GDP) for first quarter, and pending home sales for April will be declared.

On May 30 (Friday), separate reports on personal income for April, consumer spending for April, PCE (Personal Consumption Expenditures) index for April, advanced US trade balance in goods for April, Chicago Business Barometer (PMI) for May, and final consumer sentiment for May will be unveiled.

Following companies are due to report first quarter earnings in the week ahead — JOYY, Okta, Nvidia, Salesforce, HP, e.l.f. Beauty, Costco, Dell, Marvell, Li Auto, Ulta Beauty, Best Buy, and Canopy Growth.

US stocks dropped on Friday after President Donald Trump proposed 50% tariffs on European goods, sparking worries over fresh global trade tensions.

US Treasury Secretary Scott Bessent said Trump did not believe the EU's trade offers were of sufficient quality.

He also said he hoped the threat of fresh tariffs would "light a fire under the EU" in negotiations.

The Dow Jones Industrial Average fell 256.02 points, or 0.61%, to 41,603.07, the S&P 500 lost 39.19 points, or 0.67%, to 5,802.82 and the Nasdaq Composite lost 188.53 points, or 1.00%, to 18,737.21.

For the week, the Dow lost 2.47%, the S&P 500 fell 2.61%, and the Nasdaq shed 2.48%.

The yield on the 10-year Treasury eased to 4.51% from 4.54%.

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