Plenty of data on Thursday:
• At 8:30 AM ET: The initial weekly unemployment claims report will be released. The consensus is for 230 thousand initial claims, up from 222 thousand the previous week.
• Also at 8:30 AM: Personal Income and Outlays for January. The consensus is for a 0.3% increase in personal income, and for a 0.2% increase in personal spending. And for the Core PCE price index to increase 0.3%.
• At 10:00 AM, ISM Manufacturing Index for February. The consensus is for the ISM to be at 58.6, down from 59.1 in January. The ISM manufacturing index indicated expansion in December. The PMI was at 59.1% in January, the employment index was at 54.2%, and the new orders index was at 65.4%.
• Also at 10:00 AM, Construction Spending for January. The consensus is for a 0.3% increase in construction spending.
• Also at 10:00 AM, Fed Chair Jerome Powell Testimony, Semiannual Monetary Policy Report to the Congress, Before the Senate Banking Committee, Washington, D.C
• All day: Light vehicle sales for February. The consensus is for light vehicle sales to be 17.2 million SAAR in February, up from 17.1 million in January (Seasonally Adjusted Annual Rate).