Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the U.S. on Tuesday. The U.S. preliminary manufacturing purchasing managers' index (PMI) declined to 53.4 in June from 54.0 in May, missing expectations for an increase to 54.2. It was the lowest level since October 2013.

A reading above 50 indicates expansion in economic activity.

The decline was driven by a slower output growth.

"While the survey data points to the economy rebounding in the second quarter, the weak PMI number for June raises the possibility that we are seeing a loss of momentum heading into the third quarter " Markit Chief Economist Chris Williamson.