June kicks off with a slew of manufacturing reports expected Wednesday.
The key read on the sector, the ISM manufacturing PMI for May, is due in the morning. Consensus estimates from Reuters expect a 50.5 print, barely in expansion territory and off slightly from the previous month's 50.8 read.
The ISM manufacturing report could be disappointing, said Bryce Doty, senior fixed income manager with Sit Investment Associates. "Then you'll get whipsawed when ADP and claims come out in the next couple of days," he said.