Here Comes The Trade Balance...

International trade data for May is out at 8:30 a.m. ET.

Economists polled by Bloomberg are looking for a trade deficit of $45 billion, down from a deficit of $47.2 billion in April.

While June employment will no doubt overshadow this morning's international trade and non-manufacturing ISM releases, it is worth highlighting the former," wrote Deutsche Bank economists.

"Recall that the -2.9% annualized drop in Q1 real GDP was primarily due to a plunge in net exports, which subtracted 150 bps from overall output and a slower pace of inventory accumulation, which lopped another 170 bps off of growth."