Here comes industrial production ...

At 9:15 a.m. ET, the Federal Reserve will release data on industrial production and capacity utilization for July.

Economists estimate that industrial production rose 0.3% month-on-month, up from 0.2% prior, according to Bloomberg. They estimate that capacity utilization grew 78% versus 78.4% in June.

The index has been on the decline in 2015 and has been one of the worst economic indicators this year.

In a preview of the data to clients, Credit Suisse wrote: "We expect a surge in auto production to boost US IP for July, outweighing an anticipated slowdown in mining and utilities. Business surveys have been generally positive, and ISM new orders has risen for four consecutive months."

This post will be updated with the latest once the data cross.

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