On Tuesday, July 1, the state of U.S. manufacturing will be in focus. June's ISM manufacturing index will be released at 10 A.M eastern. the consensus estimate is for a reading of 55.7, that's up from previous month's 55.4. May's number was revised twice. Traders hope the first print on Tuesday morning will be a cleaner number. They will pay close attention to new orders, which is a good sign of manufacturing activities in the future. Anything above 50 means that manufacturing is expanding. July 1 is the beginning of many states' fiscal year and a handful them are ready to cut taxes. Businesses in Indiana and Rhode Island will see a drop in corporate taxes. In Connecticut, non-prescription drugs will be exempt from sales taxes. Maryland wants to attract more research and development companies to relocate to the state and it's offering more tax credits in biotechnology and cyber-security.