Stock market rallies early to kick off July trade – MarketWatch

This post was originally published on this site

U.S. stocks traded higher Monday, putting the S&P 500 on track to rise on the third quarter’s first trading day after the benchmark notched its seventh straight quarterly win.

Traders are facing an abbreviated session ahead of Independence Day on Tuesday, but they still will get fresh reports on manufacturing, construction spending and car sales.

Read: Which markets are closed for the Fourth of July?

The S&P 500 SPX, +0.55%  rose 12 points, or 0.5%, at 2,435, led by firm gains in the financials sector, up 1%. The Dow Jones Industrial Average futures DJIA, +0.70%  climbed 120 points, or 0.6%, at 21,468, while the Nasdaq Composite Index COMP, +0.31%  rallied 19 points, or 0.3% at 6,159.

“Trading volumes are likely to be relatively subdued at the start of the week, as we’ve already seen evidence of in the Asian session overnight, due to Tuesday’s bank holiday in the U.S. and the half day today that precedes it,” said Craig Erlam, senior market analyst at Oanda, in a note.

“Of course, this doesn’t mean markets will necessarily be flat and the constant stream of data throughout the day could aid this,” Erlam added.

See: Stock market poised to kick off July 4 week with fireworks of its own

The New York Stock Exchange will end trading at 1 p.m. Eastern on Monday and will be closed on Tuesday. Government bond markets wrap up at 2 p.m. Eastern.

On Friday, the S&P 500  and Dow closed modestly higher as the second quarter came to an end, while the tech-laden Nasdaq Composite finished slightly lower for the session. The S&P and Dow have advanced for seven straight quarters, while the Nasdaq has gained for four quarters in a row.

Economic news: Markit and ISM are both slated to release June figures for their manufacturing indexes, with the numbers coming at 9:45 a.m. Eastern Time and 10 a.m. Eastern, respectively. Economists polled by MarketWatch expect a reading of 55.5% for the ISM gauge.

A May report on construction spending is due to arrive at 10 a.m. Eastern, with growth of 0.3% anticipated. And June figures for U.S. auto sales are expected to roll in throughout the session.

Check out: MarketWatch’s Economic Calendar

Other markets: Oil futures CLQ7, +1.11% traded higher, as crude tried for its eighth up session in a row. European stocks SXXP, +0.90% gained, while Asian equity markets closed mixed. Gold futures GCQ7, -1.22%  pulled back, and a key dollar index DXY, +0.46% advanced.

Individual movers: Shares in Tesla Inc. TSLA, +1.96%  rose 1.7% after its CEO, Elon Musk, said production for its Model 3 electric car should start this Friday. The $35,000 vehicle has “passed all regulatory requirements for production two weeks ahead of schedule,” Musk said on Twitter.

More from MarketWatch

More Coverage