On Tap Today: Latest Producer Price Index and Initial Jobless Claims

The market will have a handful of economic and earnings reports to help give it some direction today.

The latest reading of the Producer Price Index -- measuring wholesale prices -- initial jobless claims and business inventories will be released.

Investors have been watching jobless claims closely to track the health of the labor market. Even though the unemployment rate dipped last month, it has generally been moving higher.

Adobe Systems(ADBE Quote) and Heinz(HNZ Quote) will report earnings today. Analysts polled by earnings tracker Thomson Financial/First Call expect the software company to earn 29 cents a share, excluding goodwill. It made 26 cents a share in the year-ago period.

Food products company Heinz is expected to make 53 cents a share, below last year's 63 cents.

Economic Data

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

• 8:30 a.m.: Producer Price Index for May. Source: Labor Department. Forecast: +0.3%. Previous: +0.3%. Ex-Food and Energy. Forecast: +0.1%. Previous: +0.2%.

• 8:30 a.m.: Initial Jobless Claims for the week ended June 9. Source: Labor Department. Forecast: n.a. Previous: 432,000. Four-Week Average. Forecast: n.a. Previous: 413,500.

• 8:30 a.m.: Business Inventories for April. Source: Census Bureau. Forecast: n.a. Previous: -0.3%.