Weekly jobless claims, at 8:30 a.m. ET, are expected at 275,000, up slightly from last week's 274,000. Pending home sales are expected to gain 0.9 percent, when reported at 10 a.m. ET. In a market void of major reports, all data has become a metric to measure the economy by, as a trend of strengthening after weeks of surprising weakness could signal the Fed would move sooner to raise interest rates.
"The dollar and yields are the big driver, and a lot of that's driven by perception of monetary policy and economic data," said Art Hogan, chief market strategist at Wunderlich Securities.