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Today's economic calendar features retail sales, consumer sentiment, and business inventories data.

Retail Sales will be released at 8:30 a.m. ET. Consensus calls for a gain of 0.5 percent in the last month. Including auto sales, that number is expected to show a 0.2 percent gain from estimates that range from a bearish 0.1 percent to a bullish 1.5 percent. Without autos, the range is from a bearish -0.2 percent to a bullish 1.6 percent.

The mid-month reading for the Reuters/University of Michigan Consumer Sentiment Index will be reported at 9:55 a.m. ET. Very little change is expected from the previous survey, with a drop to 63 from the previous 63.7. Forecasts range from a bearish 59 to a bullish 66.

Business Inventories will be released at 10 a.m. ET. Growth in inventories is expected at a 0.5 percent gain. Estimates range from 0.3 percent to 1.2 percent.

Source: Retail, Inventory, Consumer Data on Tap