The economic calendar is relatively busy today, with our second glimpse at consumer sentiment for the month likely to be the big report of the morning.
International Trade data will be released at 8:30 a.m. ET. The report is expected to show a gap of -$45 billion. At this point in the recovery cycle, a gap is not likely to produce much of a response unless there is an extreme deviation from forecast.
Import and Export Prices also will come out at 8:30 a.m. ET. The forecast calls for export prices to grow by 0.1 percent, while import prices are expected to fall by -0.1 percent. That result would be neutral to positive.
Estimates for export prices range from a bearish -0.5 percent to a bullish 0.4 percent. Estimates for import prices range from a disinflationary -1.1 percent to a moderately inflationary 0.9 percent.
The Reuters/University of Michigan Consumer Sentiment Index comes out at 9:55 a.m. ET. The consensus calls for a rise to 71.5. Estimates range from a bearish 70 to a very bullish 80.
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