Japanese data, Chicago PMI on tap

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Japanese data could be the main event on today's calendar.

The country was scheduled to report household spending, industrial production, and retail sales during the overnight session. Given the importance of the Nikkei in the global rally earlier this year, the data could affect stock prices on Friday.

The Chicago purchasing managers index at 9:45 a.m. ET is the main event on today's U.S. economic calendar. Economists expect a reading of 55.5, down from 58.7 in May. The report probably won't affect market sentiment but does provide clues about the strength of the broader economy.

The University of Michigan issues the final revision of June consumer sentiment 10 minutes later, which is also unlikely to affect trading. In addition, Research In Motion reports quarterly results before the opening bell.

Next week brings several big economic reports: the Institute of Supply Management's activity index on Monday, private-sector payrolls on Wednesday, and non-farm payrolls on Friday. U.S. markets also be closed on Thursday in observance of Independence Day.

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