Here comes the trade balance ...

The Department of Commerce is set to release the trade balance for July at 8:30 a.m. ET.

Economists estimate that the trade deficit shrank to $42.20 billion from $43.84 billion in the prior month.

Here's the preview that Wells Fargo's John Silvia sent to clients: "We expect the trade balance to have narrowed in July amid stronger exports in services and lower oil prices. The narrowing is likely only temporary, however."

"With the United States continuing to gradually strengthen and activity in many other regions of the world set to remain tepid, we expect the trade balance to drift wider over the remainder of the year and for net exports to exert a drag on GDP in the second half of 2015."

We'll be back with all the details at the bottom of the hour.

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