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Retail-sales data is the main event on today's calendar.

The Commerce Department will release the December numbers at 8:30 a.m. ET. Economists expect an increase of about 0.3 percent, in line with the reading for November. A higher reading would be bullish, while a lower figure could be bearish. Recent retail data has been disappointing after a weak holiday-shopping season.

The New York Federal Reserve publishes its Empire State Manufacturing index for January at the same time. While its narrow geographic focus usually prevents it from affecting broader market sentiment, the data will provide some clues about the strength of the economy. The consensus forecast calls for a reading of 2, up from -8.1 in December.

Additionally at 8:30 a.m., the Bureau of Labor Statistics will release its December producer price index. The release is unlikely to impact sentiment because inflation and rate hikes are not a concern to the market at present.

Also before the bell, homebuilder Lennar is scheduled to report fourth-quarter results. Other companies in the industry may also be active on the news.

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