Manufacturing, Construction Data on Tap

 |  Includes: DIA, QQQ, SPY
by: optionMONSTER

There are just two reports for today, but both could be important for the markets. How much play they get relative to earnings and the debt-ceiling issue remains to be seen.

The ISM Manufacturing Index is to be released at 10 a.m. ET. The consensus is for a drop to 54.9 from the previous month's 55.3. The range of estimates for the headline number is from a bearish 53 to a more bullish 56. A move below 50 would show contraction of activity.

Price paid are expected to moderate, down to 64.5 from last month's 68. The range for prices is from a disinflationary 50, which would be bullish, to a bearish climb to 70.

Construction Spending is also scheduled for 10 a.m. ET. The consensus is for a flat reading of zero. Forecasts range from a bearish drop in spending of -0.5 percent to a bullish gain of 0.8 percent.