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The Institute of Supply Management (ISM) will be releasing the closely watched manufacturing PMI report today. According to the economists polled, forecasts point to a modest decline in the index.

The ISM manufacturing PMI is forecast to slip to 50.5 in February. This follows a surprise rebound in the index in January. Following a five-month contraction (reading below 50), the ISM manufacturing PMI rose to 50.9 in January.

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Investors gave a sigh of relief on the report. This is attributed to the success of Washington and Beijing striking a trade deal, albeit a small one in comparison.

For the moment, in the US markets, various regional manufacturing gauges have been somewhat resilient. In the past month, nearly all the regional indexes came out with positive readings.

The Philly Fed Manufacturing index rose to 36.7 from 10.0. This was the highest level the index ever rose to in three years. Various sub-comp...

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