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Non-manufacturing data on calendar

David Russell (david.russell@optionmonster.com)

The business calendar is quiet this week, with political events potentially overshadowing economic data.

The only U.S. report scheduled for today is the release of the Institute for Supply Management's non-manufacturing index at 10 a.m. ET. Economists predict a reading of 54.9, down from 55.1 in the previous month. Figures above 50 indicate expansion, and those below 50 mark contraction.

Germany and the Eurozone will release their own PMI reports overnight, which could affect trading.

The big event this week is the U.S. presidential election tomorrow. The outcome could move markets and spur discussion of the so-called fiscal cliff, which threatens to trigger tax increases and spending cuts at year's end.

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