ISM shifts focus to broader economy
The Institute of Supply Management's manufacturing index is the main item on today's calendar of events.
Economists expect a reading of 54.2, down from 56.2 in September. The report, scheduled for 10 a.m. ET, has the potential to move markets, though a stronger figure may cause selling because it could make investors think that the Federal Reserve will let rates rise more quickly.
Construction spending for September will be announced at the same time. Auto sales also come out earlier in the session.
The important companies in terms of quarterly earnings include Chevron, CBOE, and Ultra Petroleum.
Next week's calendar keeps attention on the broader economy. It starts early Monday with purchasing managers indexes from Germany, France, and the broader Eurozone. China follows with similar data in the evening.
Today's ISM report and next week's PMIs are usually the most important manufacturing reports of the month in the United States, Europe, and China.
Next Tuesday features the service-sector component of the ISM numbers. Thursday also brings the first estimate of third-quarter economic growth, retailer same-store sales, and weekly jobless claims.
The key monthly non-farm payrolls report follows on Friday, along with consumer sentiment.
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