Upcoming consumer confidence data could be key

The consumer confidence index, published by the Conference Board, is due for release on Tuesday shortly after the opening bell.

Some will be watching closely for an indication that hurricane devastation and the mounting U.S.-North Korea tensions will negatively impact sentiment on a broad scale.

The index rose in July and August, to five-month highs.

The measure of consumer confidence has been in a steady uptrend from the lows hit in 2009, but turned particularly strong last year, said Erin Gibbs, portfolio manager at S&P Global.

If the consumer confidence index stays on trend, consumer spending as well as the consumer discretionary sector could see a bump in the fourth quarter, Gibbs wrote Monday in an email to CNBC.

"So far this year, consumers have not been spending as much as expected, and the consumer discretionary sector is one of the few sectors this year that has had 2017 earnings estimates revised down rather than up," she added.

Any positivity that may crop up around consumer confidence and spending would help consumer discretionary stocks, Gibbs said. The sector is marginally lagging the broader market on a year-to-date basis, up nearly 10 percent while the S&P 500 has risen 11.5 percent in the same time.

Overall, economists are expecting September CPI to come in at 120, according to a FactSet estimate. This would reflect a downward revision month over month, as last month's reading was 122.9.

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