Stocks Could Stay In a Range

Mortgage behemoth Fannie Mae(FNM Quote) reports on Friday, and might offer some more insight into the effects of the credit crunch on ordinary Americans. Credit-reporting agency Equifax(EFX Quote) goes on Monday and Bankrate(RATE Quote) reports on Tuesday. Those businesses might be able to offer a look into how the consumer is faring amid the economic and housing slowdown.

Casino companies report in force, with Las Vegas Sands(LVS Quote) taking its turn Monday, and Penn National Gaming(PENN Quote), Trump Entertainment(TRMP Quote) and Ameristar Casinos(ASCA Quote) on Thursday.

After a busy few days this past week for economic indicators, things settle down next week. The initial jobless claims data could take on more importance than usual, given the weak nonfarm payrolls number released Friday, as well as the dearth of other news.

"Weekly indicators don't usually make the top tier" of reports people are watching, says Timothy Rogers, chief economist at Briefing.com. "But there's some concern that there are layoffs going on now," which would be a further sign of economic weakness and trouble for consumers, on top of recent weak data such as the last jobs number.

Still, "the payroll data are notorious for being revised," Keating cautions, saying investors shouldn't read too much into those preliminary numbers.

Investors will also be paying attention to the ISM services index, which measures economic health of nonmanufacturing firms, on Tuesday. The key is whether it stays above 50, which would indicate growth. Factory orders on Monday and wholesale-inventory data Friday could offer insight into how the economy is faring.