By Bryan McCormick
There are just two reports on today's economic calendar, and they involve trade and unemployment claims. Both reports will be released at 8:30 a.m. ET.
Consensus for International Trade is for a trade deficit of -$48 billion. The range is from a more bearish -$51 billion to a less bearish -$42.5 billion.
For the other report, Jobless Claims, most economists expect no change in the initial claims number of 400,000. The 400,000 level has become psychologically important, with claims above that mark bearish and bullish below.
At the low end of the forecast range, a drop to 390,000 claims is expected, which would be bullish. At the upper end of the forecast range, a bearish 450,000 claims are expected.