Here comes Markit manufacturing PMI ...
Markit Economics and ISM will release their manufacturing reports for May shortly.
At 9:45 a.m. ET, economists forecast that Markit's final index for the month will be reported at 50.5, unchanged from the preliminary reading.
And then at 10 a.m., the ISM manufacturing PMI is estimated at 50.3, down from 50.8 in the prior month.
Most regional surveys missed expectations in May, showing the sector is still reeling from its recent slowdown triggered by weak demand and a strong dollar. Details of both reports due this morning are expected to reflect this.
"Historically, the manufacturing ISM has been below 50 on 82% of the occasions when the Chicago, Empire and Philadelphia ISM-adjusted series were all below 50," wrote Deutsche Bank's Joseph LaVorgna and team in a note on Wednesday. That could take the national manufacturing PMI into contractionary territory.
We'll have the latest as the data cross, so refresh this page for updates.