Here Comes Chicago PMI...

Economists expect the regional index fell to 56.4, from 59.6 in January.

"We anticipate a substantial drop-off in the Chicago business barometer in February," Citi's Peter D'Antonio wrote clients.

"The Chicago area is accustomed to nasty winter conditions, so we normally wouldn't look for weather effects in a manufacturing index from that region. However, the region's activity would be affected by a pullback in demand for its products due to weather. In this case, the relative importance of autos means that the dramatic weather-related reduction in vehicle sales in recent months (and the corresponding overstocked lots and reduced orders) could impact this measure of activity," he said.

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