When Bill Gross speaks, people listen. That’s why there’s plenty of buzz over the warning on May 21 by PIMCO bond guru Gross on Bloomberg TV that the United States may lose its AAA debt rating due to the massive debt that the Obama Administration is taking on; Princeton professor and Nobel Prize winner Paul Krugman wrote about it in his New York Times column on May 25.

Otherwise, in a holiday-shortened and Congress-adjourned week for the U.S. markets, the highlights include real estate reports (Standard & Poor’s/Case-Shiller home price index on May 26; April existing home sales on May 26 and new-home sales on May 27) and preliminary first-quarter GDP on May 29.