On Tap Today: Will Investors Get Dressed Down in Today's Retail Sales Report?

After shrugging off a warning from mobile-phone maker Nokia(NOK Quote) yesterday, the market braces for some key economic data today.

Headlining today's scheduled events is the release of the May retail sales report. The retail data, which measure the total number of sales at retail businesses, are used to predict personal consumption trends and make up a significant portion of the gross domestic product; it typically moves markets.

The Labor Department's Import Price Index for May is also slated for release. Economists consider the figures to be only a fraction of the total inflation picture. As a result, it has little effect on trading activity.

Economic Data

(Forecasts are from Reuters. Times are Eastern. For a longer-term economic calendar and more, see TSC's Economic Databank.)

• 7 a.m.: Mortgage Applications Survey for the week ended June 8 -- Refinancing index. Source: Mortgage Bankers Association. Forecast: n.a. Previous: 1553.6. Purchase index: Forecast: n.a. Previous: 344.1.

• 8:30 a.m.: Retail sales for May. Source: Census Bureau. Forecast: +0.2%. Previous: +1.1%. Ex-autos: Forecast: +0.4%. Previous: +0.8%

• 8:30 a.m.: Import Price Index for May. Source: Department of Labor. Forecast: n.a. Previous: -0.5%. Export Price Index: Forecast: n.a. Previous: unchgd.

• 2 p.m.: Beige Book . The Fed's anecdotal report on economic conditions around the country is for consideration at the Federal Open Market Committee meeting.

• 6:30 p.m.: Consumer Comfort Index for the week ended June 9. Source: ABC News and Money Magazine. Forecast: n.a. Previous: 3.