Thursday:

• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to decline to 327 thousand from 330 thousand.

• Also at 8:30 AM, the Consumer Price Index for December. The consensus is for a 0.3% increase in CPI in December and for core CPI to increase 0.1%.

• At 10:00 AM, the Philly Fed manufacturing survey for January. The consensus is for a reading of 8.7, up from 7.0 last month (above zero indicates expansion).

• Also at 10:00 AM, the January NAHB homebuilder survey. The consensus is for a reading of 57.5, down from 58.0 in December. Any number above 50 indicates that more builders view sales conditions as good than poor.