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Today's event calendar focuses on bank earnings and the Federal Reserve's Beige Book report.

JP Morgan and Goldman Sachs are both scheduled to release fourth-quarter results this morning. Financials have been the strongest sector in the market in the last six months, so the numbers could have a big impact on broader sentiment.

Other data points today include weekly mortgage applications at 7 a.m. ET and consumer-price inflation at 8:30 a.m. ET. Neither is likely to affect the market directly, though especially strong or weak mortgage data could move homebuilders.

The Federal Reserve will release industrial-production figures for December at 9:15 a.m. ET. While economists expect an increase of just 0.2 percent, down from 1.1 percent in the previous month, the report seldom moves share prices because it is already old.

Weekly data on crude-oil storage levels will be released at 10:30 a.m. ET, which could move energy prices.

The last big report comes at 2 p.m. ET, when the Fed publishes its Beige Book report, a survey of economic conditions across the country.

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