The Institute for Supply Management (ISM) Non-Manufacturing report is set for release at 10:00 a.m. ET, with a consensus forecast of 56.2, which would be a slight increase over last month's reading of 56.0. The economists estimates range from 55.0 to 57.5, according to Bloomberg News.
A level greater than 50 is a sign of an expanding economy, while readings below 50 indicate contraction.
The ISM Non-Manufacturing Index has been showing solid, if unspectacular, performance over the past 15 months, with readings in a narrow range between 55 and 59. According to the ISM, the non-manufacturing ISM index is made up of components: business activity, new orders, employment and supplier deliveries. The employment component, which has been softening recently, will likely be more closely scrutinized in front of Friday's all-important jobs report.
S&P 500 futures were trading higher by 0.35 percent in front of the release.
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