Home sales only data on calendar

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This week's agenda is quiet aside from a flurry of economic news on Thursday.

Pending home sales for November at 10 a.m. ET is the only item scheduled today. Economists expect a decline of 0.2 percent, versus October's 2.2 percent drop.

Tomorrow's only event is the Case-Shiller home price index. The market is closed on Wednesday for New Year's Day.

Thursday's busy agenda starts late Wednesday night with China's HSBC purchasing managers index for the manufacturing sector. Similar reports follow in Europe early Thursday morning.

The Institute for Supply Management also releases its key manufacturing index for the United States. In addition, initial jobless claims, and construction spending will also be reported.

Friday brings motor-vehicle sales.

Companies may also announce preliminary results as the quarter ends. Earnings season gets underway next week.

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