It's A Busy Day For Economic Data

There are the five big data points today. Here they are via Calculated Risk:

• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to increase to 330 thousand from 326 thousand.

• At 9:00 AM, the Markit US PMI Manufacturing Index Flash for January. The consensus is for an increase to 55.0 from 54.4 in December.

• Also at 9:00 AM: the FHFA House Price Index for November 2013. This was originally a GSE only repeat sales, however there is also an expanded index. The consensus is for a 0.4% increase.

• At 10:00 AM: Existing Home Sales for December from the National Association of Realtors (NAR). The consensus is for sales of 4.90 million on seasonally adjusted annual rate (SAAR) basis. Sales in November were at a 4.90 million SAAR. Economist Tom Lawler estimates the NAR will report sales of 4.96 million SAAR. As always, a key will be inventory of homes for sale.

• At 11:00 AM: the Kansas City Fed manufacturing survey for January.

Extreme weather could affect the claims data.

"While the DOL stated that there were no special factors during the bitterly cold 'Polar Vortex' week, we posit that the extreme weather kept some filers indoors," Citi's Peter D'Antonio wrote clients. "Consequently, we anticipate an above-consensus rise during the reference week as claimants took advantage of warmer temperatures. Separately, beneficiaries fell back into their recent range after a surge that likely reflected seasonal adjustment difficulties."