Here come factory orders ...

Data on US factory orders for the month of May is due at 10:00 a.m. ET.

Economists estimate that orders fell 0.5%, after dropping 0.4% in the prior month, according to Bloomberg.

In a preview of this week's economic data, Barclays wrote: "The advance report on durable goods revealed that orders for durables fell 1.8% m/m, as a 35.3% m/m drop in nondefense aircraft orders outweighed modest 0.5% m/m growth non-transportation equipment. Prices, historically the best indicator for orders of nondurable goods, rose solidly in June on a seasonally-adjusted basis. As a result, we look for 1.6% m/m growth in nondurable goods to offset the decline in durables and leave total factory orders flat on the month."

We'll be back with the latest details once they cross.

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