The Empire State's US manufacturing index could drop to this level in August, here are the top macro issues for Monday

US stocks closed higher on Friday, with the Dow Jones gaining more than 400 points on Friday. Shares of Tesla, Inc. TSLA gained 4.7%, breaking above the $900 level on Friday.

Let's look at the major economic reports scheduled for release today.

The Empire State Manufacturing Index for August is due out at 8:30 a.m. ET. The Empire State index is expected to return to 5.0 in August from 11.1 in July. The Housing Market Index for August will be released at 10:00 a.m. ET. The housing market index fell in July, plunging 12 points to 55 for the biggest drop on record. Analysts, however, expect an unchanged reading of 55 for August. Federal Reserve Governor Christopher Waller is scheduled to speak at 10:50 a.m. ET. The Treasury is expected to auction 3- and 6-month bills at 11:30 a.m. ET. The June International Treasury Capital Report will be released at 4:00 p.m. AND.

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