US Manufacturing Index Likely To Ease Further To This Level In August, Here Are The Major Macro Issues For Tuesday

U.S. stocks closed sharply lower on Monday with Zoom Video Communications, Inc. ZM reporting mixed quarterly results after the closing bell.

Let’s have a look at the major economic events scheduled for today.

• The flash Composite Purchasing Managers' Index for August is scheduled for release at 9:45 a.m. ET. Services index, which dropped into sizable contraction in July, is expected to recover slightly to 49.0 in August from 47.3. Analysts expect manufacturing index easing further to 51.8 from 52.2.
• Data on new home sales for July will be released at 10:00 a.m. ET. After a weaker-than-expected 590,000 annualized rate in June, sales of new homes are likely to decline further to 575,000 in July.
• The Richmond Fed's manufacturing index for August is scheduled for release at 10:00 a.m. ET. The index is projected to move back into contraction zone to minus 3 in August compared to July's zero reading.
• The Treasury is set to auction 2-year notes at 1:00 p.m. ET.
• Data on money supply for July will be released at 1:00 p.m. ET.
• Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 7:00 p.m. ET.

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