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At 8:30 AM EDT, the weekly report on initial jobless claims will be released, and the consensus is 440,000 new jobless claims, which would be a slight improvement over last week’s better than expected report, and would continue the positive trend in employment.

At 10:00 AM EDT, the Construction Spending report will be released, and the consensus is a decline of 1.1% compared to the previous month.   Given that new housing starts were down sharply in February, construction spending should weaken as well.

The figures for motor vehicle sales in March will be released today.  The consensus estimate is that 9 million autos were sold in March, which would be an increase of 1.4 million over February, though February sales were hurt by winter storms and Toyota’s recalls.

Also, there are a number of Treasury bond auctions today.  Recent auctions have shown some weakness in the Treasury market, causing interest rates to rise, and investors will watch these auctions to see if the trend continues.

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