Market Awaiting Consumer Data

Steady gains in the S&P 500 yesterday managed to erase all the losses from earlier in the week. The index now stands 0.93% higher on the week, though futures are pointing to a lower open ahead of data at 8:30. Meantime, the U.S. dollar index is down, oil is once again higher than $71, and gold has hit a 2-week high.

Data this morning will have a big influence on whether markets end the week climbing or plummeting. The Personal Income & Outlays report is a key forward-looking survey on three fronts. It is expected to show higher income and consumption, so a disappointing report could extend on pre-session losses.

The later Consumer Sentiment release will be less influential, but markets are always interested in surprises.

8:30 â€