Here Comes ISM Manufacturing...

REUTERS/ Rebecca Cook

The Institute for Supply Management will release its survey of manufacturing conditions at 10:00 a.m. this morning.

Economists estimate the ISM index increased to 52.0 in February, up from 51.3 the month prior.

Some economists are more bearish about the report.

"Regional manufacturing surveys point to a slower pace of manufacturing activity in February," warned Nomura economists. "For example, the headline indexes in the Empire State and Philly Fed manufacturing surveys both declined in February, with the latter turning negative."

Once again, the report will lend insight into whether or not this winter's lousy weather has had a material impact on economic data.