On Wednesday Unemployment Claims, Chicago PMI and Pending Home Sales figures were released. In the week ending December 27, the advance figure for seasonally adjusted initial claims was 298,000, an increase of 17,000 from the previous week's revised level. Analysts were anticipating a smaller increase to 287,000. The previous week's level was revised up by 1,000 from 280,000 to 281,000.

The Chicago Business Barometer fell 2.5 points to a five month low of 58.3 in December. Analysts were predicting smaller decrease to 60.2 points. Decline was due to Production and both ordering components expanded at the slowest pace since July.

Pending Home Sales rose by 0.8% to 104.8 in November. Analysts were anticipating smaller incline by 0.6%. The indicator is now 4.1% above November 2013 (100.7) – the highest year-over-year gain since August 2013.Lawrence Yun, NAR chief economist, said signed contracts inched forward in November and have been fairly stable but haven't broken out even as the economy picked up steam this spring.

Friday's session brought Manufacturing PMI data. The December PMI registered 55.5 percent, a decrease of 3.2 percentage points from November’s reading of 58.7 percent. Analysts were anticipating a smaller decrease to 57.6. The New Orders Index registered 57.3 percent, a decrease of 8.7 percentage points from the reading of 66 percent in November. The Production Index registered 58.8 percent, 5.6 percentage points below the November reading of 64.4 percent.

This week markets will be looking at:

ISM Non-Manufacturing PMI (Tuesday 16:00)

ADP Non-Farm Employment Change (Wednesday 14:15)

Trade Balance (Wednesday 14:30)

FOMC Meeting Minutes (Wednesday 20:00)

Unemployment Claims (Thursday 14:30)

Non-Farm Employment Change/Unemployment Rate (Friday 14:30)