Wide range of events on calendar
David Russell | firstname.lastname@example.org
German, France, and Italy will report preliminary gross domestic product numbers early in the morning, which could affect sentiment before the opening bell.
The first U.S. data comes at 7 a.m. ET when the Mortgage Bankers Association releases weekly loan applications. Producer prices follow at 8:30 a.m. ET but are unlikely to have a big effect because inflation hasn't been a concern of investors.
The New York Federal Reserve's regional Empire Manufacturing Index also comes out at 8:30 a.m. ET. Economists expect a reading of 3.5, up from 3.1 in April. National industrial-production numbers for April will be released 45 minutes later. Forecasters are looking for a contraction of 0.2 percent compared with a 0.4 percent gain in March. Industrial production generally doesn't sway sentiment because other releases have already covered the report's time period.
NAHB will release its index of sentiment in the housing market at 10 a.m. ET. Economists predict a reading of 44, up from 42 in April.
Today's big earnings releases include Deere and Computer Sciences, both before the market opens.