Second-quarter gross domestic product and the Federal Reserve's Beige Book are the main events on today's calendar.
Economists predict that real GDP grew at a 1.7 percent pace, up from 1.5 percent in the first three months of the year. Estimates for the report, which comes from the Commerce Department at 8:30 a.m. ET, range from 1.4 percent to 2 percent. Corporate profits are scheduled for the same time.
Earlier in the morning at 7 a.m., the Mortgage Bankers Association will report weekly data on the number of people applying for loans to finance home purchases.
Pending home sales for July follow at 10 a.m. Analysts expect a month-over-month increase of 1 percent versus 1.4 percent contraction in June. Estimates range from -1.5 percent to 3.5 percent.
Weekly petroleum inventory figures follow half an hour later.
The last big event is the Fed's Beige book 2 p.m., which includes data on the central bank's 12 regional districts. Traders are likely to seek it for clues on whether policymakers will implement stimulus measures.
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