The Dow is down, near unchanged. For Dow stocks, there are no 52 week highs or 52 week lows.

The Market

With no last minute deal, $85 billion in automatic spending cuts are due to begin Friday.

Personal income fell 3.6% in January, the steepest month-to-month drop in 20 years. Personal income was expected to have dropped 2.4%, according to economist forecasts. Personal spending notched up 0.2%, as expected.

European markets are mostly lower and Asian markets ended mixed.

The national average price of gasoline is down 1.1 cents to $3.771 per gallon.

Financial Calendar

0830 ET Jan personal income expected -2.4% m/m, Dec +2.6% m/m. Jan personal spending expected +0.2%, Dec +0.2% m/m.

0830 ET Jan PCE deflator expected +0.1% m/m and +1.2% y/y, Dec unch m/m and +1.3% y/y. Jan core PCE deflator expected +0.2% m/m and +1.3% y/y, Dec unch m/m and +1.4% y/y.

0955 ET Final-Feb U.S. consumer confidence (University of Michigan) expected unch at 76.3, early-Feb +2.5 to 76.3.

1000 ET Jan construction spending expected +0.4%, Dec +0.9% m/m.

1000 ET Feb ISM manufacturing index expected -0.6 to 52.5, Jan +2.9 to 53.1. Feb ISM prices-paid sub-index expected +0.8 to 57.3, Jan +1.0 to 56.5.

1700 ET Feb total vehicle sales expected 15.10 mln, Jan 15.23 mln. Feb domestic vehicle sales expected 12.00 mln, Jan 12.08 mln.

2200 ET Fed Chairman Ben Bernanke speaks on low long-term interest rates.

n/a Sequester of $85 billion in automatic spending cuts begin for March-September.