Equities hovered near break even on Thursday following another decline in the Index of Leading Indicators. The index fell-0.4% in the Month of July making it the 4th straight month of decline but there is some good news. The -0.4% is a better read than the -0.5% indicated by the consensus estimate and an improvement from the prior months -0.7%. If this turns into a trend economic expansion could be back on the table by the end of the quarter but it is too soon to tell.

Next week could be a tough one for the market. There are very few earnings reports on the schedule but at least one major economic report that could move the market. The PCE price index is due out on Friday and will give the latest read on consumer inflation. A better-than-expected report will send the market higher.