Here come durable goods orders...

At 8:30 a.m. ET, we'll get the April durable goods orders report.

Economists estimate orders fell by 0.5% in April. Nondefense capital goods orders excluding aircraft, or core capex, are estimated to have increased by just 0.3%.

"Excluding transportation, durable goods orders have been weak since late summer (due to low energy prices, the strong dollar, and West Coast Port disruptions), raising concerns about future factory activity," Nomura economists said. "Production data and the current activity subindexes within manufacturing surveys improved modestly but remained sluggish in April."

From BNP Paribas: "Boeing orders likely retraced in April and manufacturing sentiment has been somewhat weak as of late, suggesting that ex-aircraft orders were likely soft as well."

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