Here comes consumer confidence ...

The preliminary August reading of the University of Michigan's consumer sentiment index is set for release at the top of the hour.

Economists estimate, according to Bloomberg, that the index climbed to 93.5 from 93.1 in July.

In the prior release, Richard Curtin, chief economist of the survey, noted that a disappointing pace of economic growth had dampened consumer confidence, although the index is still on a positive trend.

And in a preview of today's data, Barclays economists wrote to clients: "Sentiment measures backed up in July as consumers pared their expectations of future economic activity. We do not see this slip in sentiment as driven by a broad-based downturn in actual activity, however. Furthermore, gasoline prices - a powerful near-term indicator for overall sentiment - have fallen through early August. At the same time, equity markets have remained stable and jobless claims low."

We'll be back with the latest at 10:00 a.m ET.