Today's schedule of economic reports is the busiest of the week, with key news from both sides of the Atlantic.
The headlines start early with European service-sector data, German manufacturer orders, and the European Central Bank's monetary announcement.
U.S. retailers will report same-store sales throughout the morning, which could affect trading in those names. The Challenger job-cut report will be announced at 7:30 a.m. ET, but the main event comes at 8:15 when ADP releases private-sector payrolls for August. Economists expect an addition of 180,000 jobs, down from 200,000 the previous month.
The Labor Department follows 15 minutes later with weekly jobless claims. Forecasters anticipate a reading of 333,000, up from 331,000 in the previous period. Higher numbers are positive for the ADP report but negative for jobless claims, and vice versa.
The Institute of Supply Management is scheduled to announce its service-sector index at 10 a.m. ET. Economists predict a reading of 54.5, down from 56 in the previous month. Figures above 50 indicate expansion, so higher numbers are positive.
The Census Department will also release factory orders at the same time, but it's unlikely to sway sentiment because it covers the now-distant month of July. Forecasts are looking for a drop of 3.7 percent, compared with a 1.5 percent gain in June.
Natural-gas and crude-oil inventories round out the session at 10:30 a.m. ET and 11 a.m. ET respectively.
The main event tomorrow is the Labor Department's key monthly non-farm payrolls report.
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