The ISM's manufacturing index for the United States will highlight a relatively light day of economic news and events. In Europe, markets will be receiving comments from European Central Bank President Jean-Claude Trichet.

At 9:30 a.m. EDT, European Central Bank President Jean-Claude Trichet will speak alongside German Chancellor Angela Merkel and Luxembourg's Finance Minister Jean-Claude Juncker at the ECB's 10-year anniversary in Frankfurt.

At 10 a.m. EDT, the U.S. Institute for Supply Management will release its manufacturing index for May. Economists are expecting the headline indicator to decline to 48.5 from the previous month's 48.6 level. The prices paid index is expected to move up to 85.0 compared to the previous 84.5. Markets will also be paying attention to the new orders and employment index, which came in at 46.5 and 45.4 respectively in April.

At 10 a.m. EDT, the U.S. Commerce Department will release April construction spending, which is expected to decline 0.6% month-over-month after contracting 1.1% previously.

At 12:20 p.m. EDT, Atlanta Fed President Denis Lockhart (non-voter) will speak on the U.S. economy at the Jacksonville Chamber of Commerce.

At 1 p.m. EDT, the U.S. Treasury will sell $24 billion in three-month and $24 billion in six month bills.

10:00 US ISM Manufacturing May Exp: 48.5 Prior: 48.6

10:00 US Construction Spending (M/M) April Exp: -0.6% Prior: -1.1%

10:00 US ISM Prices Paid May Exp: 85.0 Prior: 84.5

12:20 US Atlanta Fed's Lockhart to Speak on Economy in Jacksonville

13:00 US Treasury to Sell $24B 3-Month Bills

13:00 US Treasury to Sell $24B 6-Month Bills

By Erik Kevin Franco and edited by Cristina Markham