Some of the year's final economic reports could help turn the tide for stocks Thursday, after a lackluster session Wednesday.
"[The Dow] just can't seem to get enough inertia … to go over the top. I don't think it's something we won't be able to overcome. It's a reminder that it's a big number," said Mark Luschini, chief investment strategist at Janney Montgomery. "We've come a long way … maybe in an exaggerated way since the election. Perhaps we're borrowing a lot from expectations for what 2017 holds."
Durable goods data is released at 8:30 a.m. ET, along with jobless claims and the final revision to third-quarter GDP. Personal income and spending and PCE prices are released at 10 a.m., as are leading indicators for November.
Durable goods are expected to show a decline of 4.7 percent after showing surprising strength in October. The non-defense capex component, closely related to business spending, is expected to rise 0.3 percent. The PCE price index is one of the more important reports since it is the Fed's favorite measure of inflation. It is expected to rise by 0.1 percent.
Luschini said the data could help boost stocks if it is generally positive.