Credit: Shutterstock photoToday'seconomic calendaris crowded today with European data and several key U.S. reports.
The news begins overnight when France, Germany, and the Eurozone release their purchasing managers indexes. Most European economic data has been stronger than expected recently, and another positive reading could lift sentiment early.
U.S. retailers will announce monthly same-store sales throughout the morning, which could trigger significant volatility in the retail sector before the bell.
At 8:30 a.m. ET, the Labor Department will report initial weekly jobless claims. Economists expect an increase to 355,000 from 351,000 last week. A bigger-than-expected number would be bearish, while a smaller one would be viewed favorably.
Personal spending and personal incomes will be released at the same time. These seldom move markets, and the impact will probably be overshadowed by the retail reports and unemployment claims.
The news continues at 10 a.m. ET when Fed Chairman Ben Bernanke returns to Capitol Hill for more testimony on the economy and monetary policy. Also at that hour, the Institute for Supply Management will release its closely watched manufacturing index for February. Economists expect a reading of 54.6, up from the previous month's 54.1.
The Energy Informational Administration will report weekly changes in natural-gas inventories at 10:30 a.m. ET.
In the afternoon, auto makers will also announce figures on monthly vehicle sales. That could move the shares of companies such as Ford, General Motors, and Toyota.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
