Economic data releases are relatively light today but will pick up the pace tomorrow.
The report that's likely to affect sentiment most strongly is German factory orders, which will be issued in the early morning hours. A strong reading could lift sentiment toward the global economy, while a weaker one could trigger selling.
The Mortgage Bankers Association will release data on weekly loan applications at 7 a.m. ET, which could move homebuilder stocks. Energy prices may also be active at 10:30 a.m. ET when the government reports weekly changes in crude-oil inventories.
Tomorrow's calendar includes January same-store sales from retailers, jobless claims, and European interest-rate announcements.
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