Jack Ablin, chief investment officer of BMO Private Bank, said oil is showing all the signs of bottoming, and it could start to lose its hold on the equity market. "I think maybe as investors believe the rot is pretty much out of this thing, maybe now they can go back in and start looking at valuations and fundamentals again," said Ablin. "Obviously, if oil takes a turn for the worst, all bets are off."
Besides services data, there are jobless claims, and productivity and costs at 8:30 a.m. ET.
Natural gas inventory data is released at 10:30 a.m. ET on Thursday by the government. Nat gas prices fell 3.7 percent to $1.678 per million British thermal units on Wednesday, the lowest price for a front-month contract since Feb. 26, 1999, according to Dow Jones.
There are also earnings from Kroger, Royal Ahold, Barnes & Noble, Joy Global and Ciena before the bell. Hewlett Packard Enterprise, Broadcom, Wingstop, H&R Block and Planet Fitness report after the close.
Dallas Fed President Rob Kaplan speaks at 10:45 a.m. ET on the economy and monetary policy.
Read MoreSuddenly, the market sees growth—and rate hikes