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The Nasdaq technology index will show high sensitivity to the intense macroeconomic data calendar coming from the U.S. this week and the impact of this data on market expectations regarding the U.S. Federal Reserve's (Fed) interest rate policies. Weekly unemployment claims to be announced on Thursday, along with preliminary PMI data for the manufacturing and services sectors for May and April's existing home sales, will provide important insights into the current state of economic activity and the labor market. On Friday, the focus will be on the new home sales data for April. Particularly, a slowdown observed in the PMI data could be interpreted as a signal of cooling economic activity, increasing expectations that the Fed may adopt a more dovish monetary policy stance, thus supporting technology sector stocks. However, if the data falls significantly below expectations, recession concerns may come to the forefront, creating negative pressure on the index. Overall, while the released data is expected to provide clues about the Fed's future monetary policy strategies, changes in interest rate expectations will be decisive for the direction of the Nasdaq index.