Here come housing starts...

At 8:30 a.m. ET, we'll get the January housing starts report.

Economists estimate the pace of starts fell 1.7% in January to an annualized rate of 1.07 million. The pace of building permits is estimated to have climbed 0.9% to 1.067 million.

"The weakness should primarily be in the single family sector, as starts fall back in line with the pace of permits," Bank of America Merrill Lynch economists said. "The weather is unlikely to have a big impact since conditions were close to normal during the month. The heavy snowfall didn't begin until February, which implies downside risks to construction in February."

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