A slew of numbers that will give a first peak at second quarter economic performance are on tap. Against a continuous stream of employment cuts and accompanying profit warnings, the crescendo will build to Friday's employment report for April.

Over the weekend, the G-7 finance ministers will be meeting in Washington. With the United States no longer the driver of world growth and Japan remaining a basket case, eyes will be on the European Monetary Union to carry more weight. The ECB is expected to come in for criticism for its myopic focus on inflation at the expense of stimulating growth. ECB members are under increasing pressures from politicians and businessmen alike to cut interest rates to stimulate the weakening economy.

Market players are still deciding what and when the next Fed rate cut will be. The jump in the GDP deflator combined with climbing employment costs is beginning to worry the bond market. The Fed will have the April employment numbers to stew over before their May 15 meeting.