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By Mike Yamamoto

The economic calendar is light today, with just two reports scheduled. As the week goes forward the usual releases will give way to an employment-centric week. Friday will cap that jobs focus when the government releases its Employment Situation Report.

The ISM Manufacturing Index will be released at 10 a.m. ET. Consensus calls for a slight drop from the previous month, to 59.5. The range of possible values of the report is narrow, from a bearish 58 to a more bullish 60.5. Numbers that break either end of the range will likely produce a much larger response from the markets.

Construction Spending will also be reported at 10 a.m. ET. Most economists expect a rise of 0.5 percent, up from the previous month's drop of -1.4 percent. The estimates range from -0.5 percent to a bullish gain of 1 percent.

Source: Manufacturing, Construction Data on Monday's Economic Calendar