Here comes Chicago PMI ...

The latest report on business and manufacturing activity in Chicago from ISM/MNI Indicators will be released at 9:45 a.m. ET.

Economists forecast that the business barometer, also known as the purchasing manager's index, was unchanged in expansionary territory at 50.4 in May, according to Bloomberg.

"We look for the Chicago PMI to fall to 49.0 in May from 50.4, marking a return below breakeven," wrote Bank of America Merrill Lynch economists in a preview.

"Other regional surveys suggest broad weakening in manufacturing conditions, driven in part by a decline in new orders. The new orders component has a higher weight in the Chicago PMI, suggesting even greater downside."

We'll have the latest when the report is out.

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