Week Ahead: Stocks Could Get Rocked by Next Wave of Reports

The stock market could face more tough going, as it cuts through a busy week of economic reports on inflation, manufacturing and the consumer.

"Sentiment is still falling. It still hasn't dropped into panic territory. We're still sitting on the sidelines even though we think there is 10 percent upside by year end, " said Citigroup chief U.S. equity strategist Tobias Levkovich. He said the market faces a number of hurdles, including overly optimistic earnings estimates for the second half; the end of the Fed's quantitative easing program June 30, and the contentious debate in Washington about the deficit and debt ceiling.

Tech and financial stocks were particularly hard hit in the past week. Tech was the worst performing S&P sector, losing 3.3 percent, and consumer discretionary shares and the financials were both down about 2.7 percent.

The Nasdaq and the Russell 2000 both turned negative for the year this past week. The Nasdaq is now down 0.3 percent for the year, and the Russell 2000 is off 0.5 percent. In the past week, the Nasdaq was off 3.3 percent at 2643. The Dow is now up 3.2 percent for the year, and the S&P is up just 1 percent.

Stocks hit turbulence in the past week as concerns about a global growth slowdown drove investors from riskier assets. Headlines highlighting disagreement between the European Central Bank and Germany over the Greek bailout also kept markets on edge.

The full calendar of economic data in the coming week should help paint a picture of what is happening in the second quarter. Economists have been downgrading the second quarter and now mostly see growth under 3 percent

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