The Summit, the Fed and the rest of the week ahead

Heritage Foundation senior fellow Bruce Klingner and former Goldman Sachs Vice Chairman Bob Hormats on whether North Korean Leader Kim Jong Un is willing to put an end to his country’s nuclear weapon’s program and how the North Korean summit will impact the markets.

The major event of the week is the summit between President Trump and North Korean leader Kim Jong Un that could lay the groundwork for ending a nuclear stand-off between the old foes.

President Trump arrived in Singapore on Sunday and started tweeting his disdain for his trading allies and members of NATO.

"Not fair to the people of America! $800 billion trade deficit," Trump said. "Why should I, as president of the United State, allow countries to continue to make massive trade surpluses, as they have for decades, while our farmers, workers & taxpayers have such a big and unfair price to pay?"

Another big event of the week will be the Federal Reserve’s two-day policy setting meeting beginning on Tuesday and wrapping up on Wednesday with Fed Chairman Jerome Powell’s press conference.

A judge on Tuesday afternoon will rule on the AT&T – Time Warner merger.

Traders will get a look at inflation with two reports this week, consumer prices on Tuesday and producer prices on Wednesday.

Thursday will bring reports on retail sales, import and export prices and the weekly report on jobless claims.

Thursday will also mark the start of the U.S. Open Golf Tournament at Shinnecock Hills, New York. Also soccer’s World Cup Tournament begins in Russia.

The week will finish with a read on manufacturing in the New York area with the Fed’s Empire Manufacturing Report. There will also be a report on consumer sentiment.