Bank of America and the Fed dominate today's calendar, but there are other items on the agenda.
BAC reports earnings before the opening bell, along with industrial supplier Fastenal. Railroad CSX follows in the afternoon.
The Mortgage Bankers Associate reports weekly loan applications at 7 a.m. ET. The Commerce Department's producer-price index for December is scheduled for 8:30 a.m. ET. Economists expect an increase of 0.3 percent and 0.1 percent excluding food and energy. The previous month's readings were -0.1 percent and 0.1 percent respectively. The index seldom impacts sentiment.
The New York Federal Reserve's Empire manufacturing index comes out at the same time. Although it doesn't usually affect trading, the report is a useful forward-looking indicator.
Crude oil inventories come next at 10:30 a.m. ET.
The last report is the national Fed's Beige Book survey of economic conditions at 2 p.m. ET. Traders will likely read the report for indications on the direction of interest rates, potentially affecting sentiment.
Tomorrow is the busiest day of the week, with results from companies including Citigroup, Goldman Sachs, American Express, and Intel. Jobless claims, consumer prices, and homebuilder sentiment are also scheduled.
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