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Stocks could continue to trade sideways Wednesday as traders eye geopolitics and some major indicators about the U.S. economy on the last full trading day of the holiday week.

A slew of economic data is scheduled to hit Wednesday morning. Markets are closed Thursday for Thanksgiving Day and the stock market closes at 1 p.m. EST on Friday.

"I think we're looking at the headlines overnight and the data in the morning. It seems like we obsess about the headlines until we get the data," said Jack Ablin, chief investment officer at BMO Private Bank. "So I think the bottom line, it's all about the data."