Chicago PMI is today's main event

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There are few important events today, but next week's calendar is more active.

The Commerce Department releases personal spending and income at 8:30 a.m. ET, but the news seldom affects sentiment. It's followed at 9:45 a.m. by the Chicago purchasing managers index, which economists expect to show a reading of 49.3.

Ten minutes later, the University of Michigan reports the final estimate for its consumer-sentiment gauge. Given that it's a revision of an earlier release, it's also unlikely to move the market.

Biotechnology firms will probably be active because of the American Society of Clinical Oncologists' annual meeting. Companies are scheduled to present data at the conference today and over the weekend.

The big number on Monday is the Institute for Supply Management's manufacturing index, which has the potential to sway sentiment. European countries also release manufacturing data early in the session.

Wednesday brings ADP's private-sector payroll report for May, and the European Central Bank announces monetary policy on Thursday. The week concludes with the pivotal U.S. non-farm payrolls report Friday morning.

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