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Today's calendar includes a broad array of economic data offering clues on employment, manufacturing, and services.

It begins at 8:30 a.m. ET with the monthly Employment Situation Report for January. The most important number is non-farm payrolls, which is expected to show a gain of 135,000 jobs. A reading above that would be considered bullish and spur confidence in the economy, while a figure below could trigger selling. Investors will also be watching whether December's increase of 200,000 is revised higher or lower.

The unemployment rate is expected to remain unchanged from 8.5 percent the previous month. This number is less directionally important for sentiment because it can be skewed higher when workers return to the labor force. Nonetheless, a sharp increase would likely be viewed negatively. Average hourly earnings are expected to increase 0.2 percent, while economists forecast the average workweek will remain at 34.4 hours.

The Commerce Department will report factory orders for December at 10 a.m. ET, with growth expected to slow to 1.4 percent from 1.8 percent. A reading significantly above the estimate would be bullish, while a big miss would be considered negative.

The Institute for Supply Management will release it services index for January at the same time. Economists are looking for an increase to 53.5 from 52.6 in December. The index reflects a pace of activity rather than a percent, so readings above 50 indicate expansion and those below 50 signal contraction.

The ISM report includes multiple sub-components such as new orders, employmentm, and inventories for investors to digest, so it can take a few minutes before the market decides whether it's positive or negative.

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