Payroll numbers dominate calendar

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Non-farm payrolls are the main event on today's calendar.

Economists expect the Labor Department to report 155,000 jobs were added in April, up from 88,000 in the previous month. They also expect the unemployment rate to hold steady at 7.6 percent. Lower numbers on payrolls or higher figures on unemployment could be interpreted bearishly. Both will be released at 8:30 a.m. ET.

The Institute for Supply Management's non-manufacturing index follows at 10 a.m. ET. Economists expect a reading of 54, down from 54.4 in March.

March factory orders also come out at 10 a.m. ET, but those are unlikely to affect sentiment because they cover a period now far in the past.

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