Investors have another chance to hear from Federal Reserve Chair Jerome Powell at 9:30 am ET Tuesday. He is scheduled to join a panel of central bankers at the ECB forum in Sintra, Portugal. Powell generally avoids making news at this event each year and appears to be at pains to avoid upstaging the other central bankers including ECB President Christine Lagarde. Still, with markets getting excited about the prospect of more Fed rate cuts this year, Powell may choose to tamp things down.

Separately, the Institute for Supply Management report on manufacturing is due at 10 am ET, a tier-one, forward-looking report Fed officials follow closely. As the report covers June business conditions, it's a look at how the sector is holding up as tariff effects take hold. The Econoday consensus looks for another somewhat soft reading at 48.8 for the ISM manufacturing index compared with 48.5 in May. That would suggest ongoing slow contraction in June.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.