Home prices lead quiet calender

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The Case-Shiller index of home prices is the only event on today's economic calendar.

The report at 9 a.m. ET covers October after showing an increase of 13 percent in the previous month. Another strong reading could affect homebuilders, which have been strong in recent weeks after a long period of underperformance.

Volumes could be very light during the session because of New Year's Day tomorrow.

Traders return to a busy session on Thursday, when key manufacturing indexes will be released for China, Europe, and the United States. Initial jobless claims and construction spending are also on tap.

Nothing is scheduled for Friday.

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