Wednesday:

• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.



• At 8:15 AM, The ADP Employment Report for January. This report is for private payrolls only (no government). The consensus is for 168,000 payroll jobs added in January, up from 153,000 added in December.



• At 10:00 AM, ISM Manufacturing Index for January. The consensus is for the ISM to be at 55.0, up from 54.7 in December. The employment index was at 53.1% in December, and the new orders index was at 60.2%.



• At 10:00 AM, Construction Spending for December. The consensus is for a 0.2% increase in construction spending.



• All day, Light vehicle sales for January. The consensus is for light vehicle sales to decrease to 17.7 million SAAR in January, from 18.4 million in December (Seasonally Adjusted Annual Rate).



• At 2:00 PM, FOMC Meeting Announcement. No change to FOMC policy is expected at this meeting.