Full slate of data due out at the bottom of the hour
We've got some top tier data coming out at 8:30 am ET (1230 GMT) with US retail sales, initial jobless claims and the Philly Fed all out at the same time.
I'm fearful of a soft retail sales report because of cratering auto sales due to the lack of discounts and low inventories. Watch the ex-autos and control group numbers for a clearer picture. After the report I'll be breaking down some of the components to try and gleam if other categories are being impacted by raw materials shortages.
Initial jobless claims were at a pandemic low last week so I think risks are low. Even a terrible report would be brushed off as a one-off.
Yesterday's Empire Fed data was strong so we'll see if that carries over into the Philadelphia district.
At 10 am ET (1400 GMT), we also get the US business inventories report.
