Economic calendar is quieter this week

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This week's events calendar slows considerably from last week, with few major U.S. economic releases.

Factory orders at 10 a.m. ET are the only data point today. The report covers the month of December, so it is unlikely to affect market sentiment. Economists expect an increase of 2.4 percent, up from an unchanged reading in the previous month.

Tomorrow brings the Institute of Supply Management's non-manufacturing index at 10 a.m. ET, which has some potential to affect sentiment. There are no important announcements on Wednesday.

Thursday could be the biggest day of the week. The European Central Bank will announce its interest-rate policy early in the session, followed by U.S. initial jobless claims at 8:30 a.m. ET.

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