9:33 AM ET – Stocks open lower despite the strong ADP data as they look to be somewhat overbought.

8:56 AM ET – MBAs Market Composite Index, a measure of mortgage loan application volume, increased 2.3% in the week ended 12/31.

8:44 AM ET – Stock futures lower but have pared some of those losses after ADP data. ISM Services at 10:00.

8:33 AM ET – ADP Employment number comes in at 297K vs the 100K expected. Bond markets falling.