The Institute of Supply Management's U.S. index of manufacturing for May is due out at 9 a.m. CDT Wednesday, along with a report on U.S. construction spending for April. The Federal Reserve's Beige Book is scheduled for 1 p.m. Traders will stay up with the latest weather forecasts, watch for any export sales announcement and keep an eye on outside markets like crude oil and U.S. stocks.
Weather
A frontal boundary from West Texas to Lake Michigan is alight with showers and thunderstorms Wednesday morning. The front will slowly sag southward through the day and periods of showers developing along the front will draw in moisture from the Gulf of Mexico. The slow movement of the front and ample moisture will combine to create some heavy rainfall and potential flooding from West Texas through the southern Midwest. The Northern Plains get another dry day to allow for some drying.