What to upgrade first?


Currently running an inexpensive 2x50 receiver and inexpensive speakers. Primary audio sources FM and CD's.
CD player is close to brand new California Audio Labs DX-2.
Apt. environment, good sized living room with high, sloped ceiling. Listen to jazz, blues, female vocals, classical
only occassionaly. Should I upgrade the reciever or speakers
first, and any recommendations? Price range around $500 for
first upgrade, can't do both at one time. THANKS!
scmca
THANKS to everyone, your responses were insightful and educational. My thinking tody is to upgrade the electronics first via an integrated amp, which means I will need to get an FM tuner at some point. After settling in with the amp
I can, as suggested, listen to lots of speakers and kind of narrow the short list down. The NAD C370 2x120 seems to have all the controls and features for me now and in the future. I found an on-line seller (The Happy Medium)who quoted me $557 + UPS Ground, no sales tax. If anyone knows of a better priced source please let me know. Thanks again.
If you are looking at $557 for the NAD, consider a closeout Audiolab 8000S from Artech Electronics (if they have any left) at $549, a discontinued $1100 amp that was very highly thought of at the retail price. I'd be shocked if it wasn't a big improvement on the NAD.