Services data tops today's calendar

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Services data is the main economic report on the schedule today.

The Institute for Supply Management will release its non-manufacturing index at 10 a.m. ET. Economists expect the reading to decline to 56.1 from 55.6 in the previous month. Higher figures could be interpreted bullishly, while lower ones might trigger selling.

The calendar remains quiet tomorrow but gets more active on Thursday, That's when retailers report January same-store sales, the European Central Bank announces monetary policy, and the Labor Department issues weekly jobless claims.

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