Durable goods, consumer data on tap

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Durable goods and consumer sentiment are the two key reports on today's economic calendar.

Economists expect orders durable goods, defined as items intended to last more than three years, to have risen 0.2 percent in November versus 0.5 percent in the previous month. The so-called core number, which excludes volatile transportation orders, is expected to contract by 1.8 percent. The Commerce Department publishes the data at 8:30 a.m. ET.

Personal income for November is scheduled for the same time and is expected to show growth of 0.3 percent. This release rarely affects broader market sentiment.

The University of Michigan will release its final reading on December consumer sentiment at 9:55 a.m. Economists forecast an increase to 74.8 from 74.5.

Pharmacy giant Walgreen is also scheduled to release fiscal first-quarter earnings before the market opens.

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