U.S. stocks were poised to open sharply lower this morning, after another steep decline in Chinese stocks. The Shanghai index fell more than 6% to a three month low.
The economic calendar is relatively light today, with only the Chicago PMI, a regionally reading on manufacturing, at 9:45. Economists are expecting a slight rise from the previous month.
We will get data on motor vehicle sales, pending home sales, construction spending and the ISM Manufacturing Index tomorrow. On Wednesday, the FOMC releases minutes from the August meeting and ADP releases their employment report. On Thursday, retailers report monthly sales, ADP releases their non-manufacturing index, and we get data on the weekly jobless claims. We end the week with the government’s employment situation report.
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