By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) ? Newly buoyant stock investors will return Monday to the latest on Spain?s banking crisis, economic data from China, and product updates from index juggernaut Apple Inc.
U.S. week ahead: Apple, China
Markets will react to a Panamax-sized container of China data slated for release Saturday and Sunday. Plus, Spain looms large, Apple's developer's conference kicks off and jobless claims arrive, Laura Mandaro reports on Markets Hub. Photo: Reuters.
In the past week, Dow Jones Industrial Average /quotes/zigman/627449 DJIA +0.75% ?gained 3.6% to end the week at 12,554; the Nasdaq Composite Index /quotes/zigman/123127 COMP +0.97% rose 4% to close at 2,858; and the S&P 500 Index /quotes/zigman/3870025 SPX +0.81% ?ended the week up by 3.7% at 1,326. For all three indexes, it was the best week of the year. Read more on U.S. stocks.
The euro-zone crisis, which lately is centered around financial and social upheaval in Spain and Greece, will continue to play a key role in determining investor sentiment next week.
Spain banks, Greece
On Friday, speculation grew that Spain could soon ask for outside help to shore up its banks. Reuters reported euro-zone officials would talk via teleconference Saturday to discuss Spain?s situation, and that Madrid could make a request for European assistance before the end of the day.
However, Spanish government officials said that they wouldn?t make any decisions at least until after a group of reports on the country?s economy were released. Read more about the economic crisis in Spain.
Greece, and the possibility Athens will take the country out of the euro, could also return as a cause for concern -- or calm -- ahead of June 17 elections.
On Friday, President Barack Obama took a hard line with Greece, saying it would be a mistake for the country to leave the euro zone, and also calling upon the continents? leaders to boost Europe?s banking sector. Read more about Obama's take on the financial crisis in Europe.
Europe's next week: elections
European investors will be looking at a slew of Chinese data for any indication of the rate at which the Chinese economy is slowing, elections in France and Greece and earnings results from U.K. retailers Tesco and Sainsbury's. Photo: Getty Images
Late Friday, Moody?s Investors Service said, as ?Spain moves closer to the need for direct external support from its European partners, the increased risk to the country?s creditors may prompt further rating actions.? Also if Greece exits the euro, Moody?s warned, it could lead to additional pressures on the ratings of other European countries. Read more on Moody's.
?Of course, we will continue to see the ongoing drama from the reality show we call Europe,? said Jim Paulsen, chief investment strategist with Wells Capital Management. ?This is going to continue to play out.?
China data deluge
Chinese data will be closely watched for signs that country?s economy is slowing more dramatically than previously projected. Over the weekend, China is scheduled to release its latest data on inflation, industrial production and retail sales for May, as well as monthly trade results.
Earlier this week, China?s central bank surprised markets around the world when it cut interest rates in an attempt to show support for economic growth. Read more about the Chinese interest-rate cuts.
?I think we?re going to see a focus, again, on the macro-economic picture,? said Brian Lazorishak, portfolio manager with Chase Investment Counsel. ?There?s some U.S. economic data coming out. Everybody?s also on hold, waiting for the next shoe to drop in Europe.?
Shares of Apple /quotes/zigman/68270/quotes/nls/aapl AAPL +1.50% , the world?s most-valuable company by market capitalization and the biggest Nasdaq component, could move Monday when it launches its first gathering of developers since last October?s death of its co-founder and iconic chief executive, Steve Jobs.
Apple hasn?t said if current CEO Tim Cook will deliver the conference?s keynote address, as Jobs often did. The company has said it will give updates on Mountain Lion, the next upgrade to the Mac PC operating system, and iOS, the operating system for the iPad and iPhone.
As Apple hasn?t upgraded its line of iMac computers for more than a year, some analysts also expect Apple to unveil a new line of Macs in time for the back-to-school shopping season. Read more about what Apple could unveil at its developers gathering.
U.S. jobs, factory output
Among the U.S. data likely to get attention will be the first-time jobless claims for the week of June 6-9, with 377,000 claims forecast.
The U.S. industrial production figures for May are also expected to have some bearing on the market on Friday. Economists polled by MarketWatch expect a monthly decline of 0.1%. And the University of Michigan consumer sentiment index for June, which is also scheduled to come out Friday, is expected to slide to 78 from 79.3 in May. See Marketwatch?s economic calendar.
Oil futures, which on Friday snapped a five-week losing streak but ended lower at $84.10 a barrel, could also take the spotlight as the Organization of the Petroleum Exporting Countries meets in Vienna to discuss targets and elect a new secretary general. Read on oil, OPEC.
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/quotes/zigman/627449
US : DJ-Index
Volume: 111.81M
June 8, 2012 4:30p
/quotes/zigman/123127 US : U.S.: Nasdaq
Volume: 0.00
June 8, 2012 5:30p
/quotes/zigman/3870025 US : S&P Base CME
Volume: 527.23M
June 8, 2012 4:32p
/quotes/zigman/68270/quotes/nls/aapl US : U.S.: Nasdaq
Volume: 12.41M
June 8, 2012 4:00p
Market Cap$534.59 billion
Rex Crum is a reporter for MarketWatch in San Francisco.
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