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Jobless claims, home sales on tap

David Russell (david.russell@optionmonster.com)

Initial jobless claims and pending home sales are the main events on today's calendar.

The Labor Department reports claims at 8:30 a.m. ET. Economists estimate that 345,000 Americans sought unemployment benefits for the first time last week, down from 354,000 in the previous period. Lower numbers tend to be bullish because they means fewer people have lost their jobs.

Personal income and spending data will be released at the same time but seldom affect market sentiment. Pending home sales for May follow at 10 a.m. ET and are expected to increase 1.5 percent, up from 0.3 percent one month earlier.

KB Home will announce quarterly earnings before the opening bell and Nike in the afternoon.

Tomorrow is relatively uneventful, but reports will pick up next week with the Institute of Supply Management's activity index on Monday, private-sector payrolls on Wednesday, and non-farm payrolls on Friday.

U.S. markets will be closed on Thursday in observance of Independence Day.

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