Today's economic calendar is teeming with activity, with data coming from both sides of the Atlantic.
Germany and the Eurozone report data on their services industries before the U.S. markets open. Attention then shifts to the United States when ADP reports its estimate of private-sector payroll growth at 8:15 a.m. ET. It's expected to show the addition of 125,000 jobs, down from 158,000 in October.
The Institute of Supply Management will release its monthly index of non-manufacturing economic activity at 10 a.m. ET. Economists forecast a reading of 53.7, down from 54.2 in October. Figures above 50 indicate expansion while those below 50 reflect contraction.
Monthly factory orders will be released at the same time, but they seldom affect sentiment.
The Energy Information Administration will publish crude-oil inventories half an hour later. Last week those supplies shrank by about 300,000 barrels. A negative reading would be bullish because it would suggest that energy is being consumed more rapidly than it's being used, while a positive reading could be bearish for oil prices.
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