Attention shifts to macro-economic data today, with at least three potential market-moving reports on the calendar.
The first big data point hits at 8:15 a.m. ET, when ADP releases its monthly payrolls report. Economists expect an increase of 175,000, down from 215,000 last month. A stronger reading could be interpreted bullishly, while a weaker one could hurt sentiment.
Fifteen minutes later, the Commerce Department will issue its advance release of fourth-quarter gross domestic product. Forecasters anticipate growth of 1 percent, down from 3.1 percent in the previous three months.
The next key report is the Federal Reserve's decision on interest rates at 2:15 p.m. ET. While the overnight lending rate is expected to remain near zero, traders will look to the Fed's accompanying statement for clues about the aggressiveness of asset purchases and any possible shift toward higher rates down the road.
There are also two other lesser releases today: weekly mortgage applications at 7 a.m. ET and the weekly change in oil inventories at 10:30 a.m. ET.
In addition to economic news, earnings season continues. The two largest companies issuing results are Boeing in the morning and Qualcomm after the closing bell.
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