Monday July 3rd

3-07-2017

Futures point to higher open on Wall Street; economic data in focus

U.S. stock index futures pointed to a higher open on Monday morning as investors prepared for the first trading week of the second half of 2017. Dow futures rose 77 points, while S&P and Nasdaq futures climbed 8.25 points and 17.75 points, respectively. Investors will only have three full trading days to digest a slew of economic data this week. The stock market closes at 1 p.m. on Monday and will not open Tuesday because of the Fourth of July holiday. Monday will see the release of manufacturing PMI data for June at around 9:45 a.m. ET. ISM manufacturing for June and construction spending for May are scheduled 15 minutes later while light vehicle sales for June is also expected to be released throughout the day. On the earnings front, Intl. Speedway is scheduled to report before the bell. In Europe, the pan-European Stoxx-600 index was around 0.63 percent higher on Monday morning. In Asia, the Shanghai Composite in China closed 0.07 percent higher, while the Nikkei in Japan closed 0.11 percent higher. Oil prices rose for an eighth day on Monday, their longest rally in over five years after data pointed to moderating U.S. output, but analysts said news of rising OPEC production could temper gains. Brent crude futures climbed 13 cents to $48.90 per barrel by 8:18 a.m. ET (1218 GMT), after jumping 5.2 percent last week, its first weekly gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 18 cents to $46.22 per barrel, adding to last week's 7 percent gain. Gold edged lower on Monday as investors shunned safe-haven assets for equities, with Asian stocks remaining near two-year highs, and as the dollar rose from a nine-month low, reducing the demand for bullion. Spot gold fell 0.3 percent to $1,238.01 per ounce at 0434 GMT. Bullion prices have slid steadily since they hit a near eight-month high of $1,295.97 on June 6. U.S. gold futures for August delivery fell 0.4 percent to $1,237.70 per ounce.