Earnings in focus amid scarce data

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There are no important economic events on the calendar today, so attention is likely to focus on corporate news as earnings season gets under way.

Tomorrow brings mortgage applications in the morning and minutes of the Federal Reserve's last meeting in the afternoon. Retail comes into focus on Thursday as companies such as TJX and Gap report same-store sales for March. Weekly jobless claims are also on the schedule.

The Commerce Department will report its own retail numbers Friday morning, which will also bring JP Morgan's quarterly results and University of Michigan's consumer sentiment data.

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