“Clearly, with the talk of some major stimulus coming out of China, when you hear that talk you can read it one of two ways — either it’s constructive….or you say it’s negative because things are so slow they actually need stimulus,” he said.

For the first time, Markit, which releases international PMI data, will also issue flash PMI manufacturing data for the U.S., which will be a sort of preview for the Institute of Supply Management’s manufacturing survey, reported June 1. The Markit “flash” report will be released at 8:58 a.m. ET, and Markit says it is intended to be the earliest available look each month at business conditions across the U.S. manufacturing sector.

Besides the economic readings, traders will be watching comments from New York Fed President William Dudley, who speaks at the Council on Foreign Relations at 12:30 p.m. But first, he speaks to CNBC’s Steve Liesman, and the interview will first air at 8 a.m. ET.

There are also a few earnings including Costco , Heinz , Royal Bank of Canada , Tiffany , and Toronto Dominion . Verifone reports after the closing bell.

The Treasury auctions $29 billion in 7-year notes at 1 p.m.

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