The ADP employment report and ISM's non-manufacturing index for the U.S. will highlight the day's economic data while markets will pay close attention to comments from Fed Chairman Ben Bernanke in the afternoon. Meanwhile, energy traders will be attentive to the Department of Energy's release of it weekly oil inventories report.

At 7:30 a.m. EDT, markets will receive U.S. job cuts in May from Challenger, which rose an annual 27.4% in April.

At 8:15 a.m. EDT, Automatic Data Processing Inc. will release its U.S. employment report for May. Economists are expecting the headline figure to show a decline of 30k jobs in non-agricultural, private employment following the previous month's 10k increase.

Also at 8:15 a.m., Assistant Secretary for Financial Institutions David G. Nason will deliver remarks on regulatory reform at the Securities Industry and Financial Markets Association's Fixed Income Legal and Compliance Conference in New York.

At 8:30 a.m. EDT, the U.S. Department of Commerce will release final first-quarter nonfarm productivity and unit labour costs. The consensus is for a 2.5% increase in nonfarm productivity following the preliminary 2.2% gain. Unit labour costs are expected to advance 2.0% following the preliminary 2.2% rise.

Also at 8:30 a.m. EDT, the U.S. Bureau of Economic Analysis will release its foreign investors spending report for 2007, which was $161.5 billion in 2006.

At the same time, Industry Canada will release its bankruptcy report for April, which totalled 565 in March.

At 10 a.m. EDT, the U.S. Institute for Supply Management will release its non-manufacturing report for May. The consensus is for the headline index to decline to a reading of 51.0 from the previous month's 52.0 reading. Markets will also be paying attention to the employment, new orders and prices paid indicators, which were 50.8, 50.1 and 72.1 previously.

At 10:35 a.m. EDT, the U.S. Department of Energy will release oil inventories for the week ending May 30. Economists are expecting a rise of 400k in crude oil reserves following the previous 8883k decline. Gasoline inventories are expected to expand 825k following the previous 3258k decrease. Distillate inventories are expected to rise 1675k after rising 1641k in the previous week. Refinery utilization is expected to increase 0.5% after falling 0.02% in the previous week.

At 2:45 p.m. EDT, Fed Chairman Ben Bernanke will deliver 'Economic Challenges: 1975 and Now' to the to the Harvard Alumni Association's Class Day Exercise. No Q&A is expected.

At 8:30 p.m. EDT, Atlanta Fed President Dennis Lockhart (non-voter) will speak on Japanese trade and investment at the Japan-America Society of Georgia's Annual Dinner in Atlanta. An audience Q&A is expected.

7:30 US Challenger Job Cuts (Y/Y) May Prior: +27.4%

8:15 US ADP Employment Change May Exp: -30K Prior: +10K

8:15 US TSY's Nason will speak in New York on Regulatory Reform

8:30 CA Industry Canada will release April Bankruptcy Statistics

8:30 US Nonfarm Productivity 1Q Final Exp: +2.5% Prior: +2.2%

8:30 US Unit Labor Costs 1Q Final Exp: +2.0% Prior: +2.2%

8:30 US Foreign Investor Spending 2007

8:30 CA Bankruptcies April Prior: 565

10:00 US ISM Non-Manufacturing Composite May Exp: 51 Prior: 52

10:35 US DOE U.S. Crude Oil Inventories 30-May Exp: 400k Prior: -8883K

10:35 US DOE U.S. Gasoline Inventories 30-May Exp: 825K Prior: -3258K

10:35 US DOE U.S. Distillate Inventory 30-May Exp: 1675K Prior: +1641K

10:35 US DOE U.S. Refinery Utilization 30-May Exp: -0.5% Prior: -0.02%

14:45 US Bernanke to Speak at Harvard on Economic Challenges

20:30 US Atlanta Fed's Lockhart to Speak on Japanese Trade, Investment

By Erik Kevin Franco and edited by Nancy Girgis