Several reports on today's calendar could help move markets.
Jobless Claims data will be released at 8:30 a.m. ET. Consensus calls for a drop to 392,000 initial claims against the previous week's 412,000. The estimates range from a bullish 370,000 claims to 410,000, which is below last week's reading but would still be bearish.
The Philadelphia Fed Survey comes out at 10 a.m. ET. Most economists expect this number to drop to 37 from last month's 43.4, but the survey is notoriously volatile and the range of forecasts makes that clear: a bearish 28 to a bullish 45.
The FHFA House Price Index will also be reported at 10 a.m. ET. No forecast is available for release, though last month's index showed a month-over-month drop of -0.3 percent. A further negative reading would be bearish, while a positive number might be seen as a bullish surprise.
Leading Indicators will be released at 10 a.m. ET. The forecast is for a gain of 0.2 percent from last month. Estimates range from no gain, which would be bearish, to a bullish increase of 0.5 percent.
After the market closes tomorrow, the SEMI Book-to-Bill ratio will be reported at 6 p.m. ET. Because the markets are closed on Friday, this number is one that will likely get picked up on Monday morning.
The previous month's reading of the semiconductor report was 0.87. Numbers below 1 are considered bearish because they show a declining flow of orders. Readings above 1 are bullish. By: Bryan McCormick (firstname.lastname@example.org)