Today's calendar features key manufacturing data, but politics
will likely remain the principal catalyst for trading.
The Institute of Supply Management will announce its index for
September at 10 a.m. ET. Economists forecast a reading of 55,
compared with 55.7 the previous month. Higher readings could be
bullish, while lower figures could hurt sentiment.
Nonetheless, attention will probably remain focused on Capitol
Hill, where Republicans and Democrats are battling over a budget
for the fiscal year that begins today. Health-care stocks and
medical-device makers could be especially active because the debate
centers on Obamacare--in particular its tax on medical devices.
The Commerce Department will also release construction spending for
August at 10 a.m. ET. While economists expect a gain of 0.4
percent, the report is unlikely to affect sentiment because it
covers a time period that is well in the past. Walgreen also
reports quarterly results before the opening bell.
Tomorrow's main events include the European Central Bank's
interest-rate decision and ADP's monthly survey of private-sector
payrolls. Thursday brings service-sector data, initial jobless
claims, and factory orders. The key non-farm payrolls report
follows Friday morning.
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