Stocks May Move To The Upside In Early Trading

After ending last Friday’s trading mixed, stocks may move to the upside in early trading on Monday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 72 points.

Trading activity may be somewhat subdued as the markets are scheduled to close at 1 pm ET ahead of the July 4th holiday.

Shortly after the start of trading, the Institute for Supply Management is scheduled to release its report on national manufacturing activity in the month of June.

The ISM’s purchasing managers index is expected to tick up to 55.2 in June after inching up to 54.9 in May, with a reading above 50 indicating growth in the manufacturing sector.

The Commerce Department is also due to release its report on construction spending in the month of May. Construction spending is expected to rise by 0.2 percent.

After seeing modest strength for much of the session, the major averages gave back ground going into the close of trading on Friday. The tech-heavy Nasdaq pulled back into negative territory, while the Dow and the S&P 500 remained positive.

While the Nasdaq edged down 3.93 points or 0.1 percent to 6,140.42, the Dow rose 62.60 points or 0.3 percent to 21,349.63 and the S&P 500 crept up 3.71 points or 0.2 percent to 2,423.41.

For the week, the Nasdaq tumbled by 2 percent, the S&P 500 fell by 0.6 percent and the Dow dipped by 0.2 percent.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index inched up by 0.1 percent, while Australia’s All Ordinaries Index fell by 0.6 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index has jumped by 1 percent, the German DAX Index is up by 0.6 percent and the U.K.’s FTSE 100 Index is up by 0.3 percent.

In commodities trading, crude oil futures are rising $0.27 to $46.31 a barrel after jumping $1.11 to $46.04 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,231.70, down $10.60 from the previous session’s close of $1,242.30. On Friday, gold fell $3.50.

On the currency front, the U.S. dollar is trading at 112.90 yen compared to the 112.39 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1368 compared to last Friday’s $1.1310.

by RTT Staff Writer

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