January began on a quiet note with Canadian and U.S. markets closed Monday for the New Year’s Day holiday.

The New York Stock Exchange, Nasdaq Stock Market, American Stock Exchange, New York Mercantile Exchange, Chicago Board Options Exchange and CBOE Futures Exchange will be closed Tuesday as part of a national day of mourning for former president Gerald Ford, who died on Dec. 26.

The U.S. Postal Service, the Federal Reserve and other government agencies will also be closed. The Securities Industry and Financial Markets Association has recommended the bond market close early, at 2 p.m.

On Wednesday, the U.S. Commerce Department releases for monthly data for auto and truck sales for December. Economists forecast domestic vehicle sales of 12.5 million, up from 12.3 million the month before; and total vehicle sales of 16.6 million, up from 16.1 million.
Meanwhile, the U.S. Federal Reserve issues minutes from the Federal Open Market Committee meeting of Dec. 12.

On Thursday, Statistics Canada keys on industrial product and raw materials prices for November. Economists forecast a 0.7% increase in the industrial product price index and a 1.1% increase in the raw materials price index over the same period a year ago.

As well, the U.S. Department of Labor reports for initial jobless claims for the week ended Dec. 30. Economists forecast 318,000 claims compared with 317,000 in the previous week.

Meanwhile, the U.S. Department of Commerce releases factory orders data for November. Economists forecast a 1.3% gain over the previous month.

On Friday, StatsCan releases its labour force survey for December. Economists forecast an annualized unemployment rate of 6.3%, unchanged from November and expect a net monthly gain of 15,000 jobs.

The Ivey Purchasing Managers index for December is released. Economists expect a reading of 50.0, down from 52.8 in November.

South of the border, the U.S. Department of Labour reports on employment for December, including average workweek, hourly earnings, non-farm payrolls, and unemployment rate. Economists forecast the annualized jobless rate holding steady at 4.5%.

It is also a quiet week for corporate earnings. Among the few companies scheduled to report are Constellation Brands Inc. and Monsanto Co.