4 Potential Market Movers on Tap

Includes: DIA, QQQ, SPY
by: optionMONSTER

Before the economic calendar lightens next week as earnings season picks up, today's docket includes four reports that could all be market movers.

At 8:30 a.m. ET the Consumer Price Index will be released. The headline number is expected to drop by -0.1 percent. Without food and energy, the CPI is expected to show a gain of 0.2 percent. The range for the so-called headline number is wide, from a disinflationary -0.3 percent to a more inflationary 0.2 percent. Strongly inflationary data would be bearish.

The Empire State Manufacturing Survey will also be released at 8:30 a.m. ET. The survey is expected to rise to 4.5, up from last month's -7.79 reading. This survey is usually quite volatile, as is evidenced by the range in forecasts. Estimates run from a bearish -2 to a bullish 15.

At 9:15 a.m. ET, Industrial Production data comes out. The expectation is for a rise of 0.3 percent. The range is from a bearish -0.2 percent to a bullish 0.7 percent.

The mid-month revision for the Reuters/University of Michigan Consumer Sentiment index is expected at 9:55 a.m. ET. Consensus calls for a rise to 72.5 from the earlier reading of 71.5. The range is from a bearish drop to 68 to a bullish gain to 74.5.