ISM Services Index Might Slow Further To This Level In July, Here Are The Major Macro Issues For Wednesday

The Dow Jones closed lower by more than 400 points on Tuesday as Caterpillar Inc. CAT reported mixed quarterly results.

Below is a look at the major economic reports scheduled for release today.

• The MBA's index of mortgage application activity for the latest week is scheduled for release at 7:00 a.m. ET.
• US Services Purchasing Managers' Index for July is scheduled for release at 9:45 a.m. ET. The final services PMI is projected to hold at the 47.0 level for July, which was the first contraction in services activity in two years.
• Data on factory orders for June will be released at 10:00 a.m. ET. After rising 0.8% in May, analysts expect factory orders surging 1.1% in June.
• The ISM services index for July is scheduled for release at 10:00 a.m. ET. The ISM’s index has been slowing and is projected to slow to 53.0 in July compared to June's reading of 55.3.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
• Philadelphia Federal Reserve Bank President Patrick Harker is set to speak at 10:30 a.m. ET.

Market Volatility Increases As Dow Tumbles Over 400 Points

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