Today's economic calendar is full once again, with traders focusing primarily on the pre-market ADP employment report and the Fed meeting announcement this afternoon.
The docket begins with weekly MBA mortgage-purchase applications at 7 a.m. ET. There are no forecasts for this release, which showed a gain of 0.9 percent last week.
The weekly Challenger Job-Cut Report is scheduled for 7:30 a.m. ET. This survey tracks layoffs that have been announced but not yet implemented, so it is often viewed as a leading indicator.
The ADP Employment Report, which comes out at 8:15 a.m. ET, will be watched more closely as a precursor to the government's monthly Employment Situation Report this Friday. The consensus forecast for the ADP release calls for 120,000 jobs for July, down from June's 176,000. Estimates range from 75,000 to 166,000 private-sector jobs.
The PMI manufacturing index is scheduled for 9 a.m. ET, as is the Treasury refunding announcement for the next two quarters.
The ISM manufacturing index for July will be released at 10 a.m. ET. The consensus expectation is a reading of 50.1 for July, up from June's 49.7. Estimates range from 48.5 to 51.1.
Construction spending for June will also be reported at 10 a.m. ET. The consensus estimate is a print of 0.5 percent, down from May's 0.9 percent and within a range of -0.2 percent to 0.8 percent.
The EIA petroleum inventory report will come out at 10:30 a.m. ET. Last week's release showed a build of 2.717 million barrels of crude oil.
The Federal Open Market Committee meeting announcement is scheduled for 2:15 p.m. ET. The Fed is expected to maintain the current rate of 0.25 percent, within an estimated range of zero to 0.5 percent.
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