Here come factory orders ...

The December report on factory orders is set for release at the top of the hour.

Expectations are for the report to show orders fell 2.4% in December, down from a 0.7% decline in November.

In a note to clients ahead of the report, Joe LaVorgna at Deutsche Bank said that he will be watching orders for oil, mining, and gas-related industries, where orders declined considerably in September and October before a nearly 7% rebound in November.

The weak durable goods orders seen last month will likely weigh on Tuesday's factory orders report, as LaVorgna noted that the factory orders number is even split between durable and nondurable goods.

We'll be back with the live numbers when they hit.