Today's calendar features two big economic events and several important earnings reports.
The Labor Department will announce initial jobless claims at 8:30 a.m. ET. Economists estimate that 315,000 Americans sought unemployment benefits for the first time last week, down from 329,000 in the previous period. Lower readings are bullish for the economy because it means that fewer people lost their jobs.
Personal income and spending for March, released at the same time, are expected to rise 0.4 percent and 0.6 percent respectively. Both gained 0.3 percent in February. Neither number is likely to have a big impact on trading.
The Institute for Supply Management's manufacturing report at 10 a.m. ET is the next significant report. Economists anticipate a reading of 54.5, up from 53.7 in the previous month.
Construction spending for March, scheduled for the same time as the ISM release, is expected to increase 0.4 percent. Auto makers will also announce monthly sales early in the session.
Companies reporting results before the opening bell include ExxonMobil, ConocoPhillips, Cigna, MasterCard, and Teva Pharmaceutical. Akamai Technologies, Expedia, Kraft Foods, Western Union, and Fluor follow in the afternoon.
Tomorrow brings the Labor Department's key non-farm payrolls report at 8:30 a.m. ET. Chevron, CVS Caremark, and Estee Lauder announce results as well.
Next week is quieter. The biggest events are ISM's service-sector report Monday morning, Chinese trade numbers Tuesday night, and the European Central Bank's monetary announcement Thursday morning.
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