US economic data features new home sales
Market participants get a chance to ease into the US trading week with a light calendar today and the focus this week on the Fed and earnings.
The main data point of the day is the new home sales report for March at 1400 GMT (10 am ET). The sales pace is expected at 520K from 512K prior.
Thirty minutes later it's the Dallas Fed manufacturing index for April. It's expected at -10 and might offer some insight into energy industry struggles but it won't move the market.
The economic calendar has more details.
The oil market will be trying to digest what's happening in the Grand Saudi Plan. If they privatize Aramco, I don't see any way the company would be able to pump at anything less than 100%. That's certainly what I'd want if I were a shareholders but they're talking about selling just 5% so a corporate-controlled company is a long ways away.
Earnings and equities news remain in the spotlight but the Fed is looming. The talk is all about how hawkish Yellen can be. The early verdict might be that she won't be very hawkish at all because the US dollar is feeling a bit of pressure.
The earnings calendar after the North American close is light, with only Canadian National Railway no the agenda.
