Four reports are due out at the bottom of the hour
The most-underreported story of the year is the ballooning of the US trade deficit. It's gotten to the point where it's a serious concern for the market. That's not just because of the flows, it's because of worries about what the White House will try to do in order to fix it.
Another report to watch is the non-farm productivity data. It contains unit labor costs, which are expected up 3.0% q/q annualized. That's a measure of wage inflation, which is something the market and the Fed is watching very closely.
Weekly initial jobless claims and Canadian trade balance are also due at the same time.