News Column

Stronger Manufacturing Surveys Give Stocks a Boost

July 1, 2014

Associated Press

Traders at the New York Stock Exchange on Monday morning (AP)
Traders at the New York Stock Exchange on Monday morning (AP)

NEW YORK (AP) US stock futures are climbing higher ahead of the opening bell, as traders prepare for a monthly look at U.S. manufacturing activity.

KEEPING SCORE: Dow Jones industrial average futures are up 49 points at 16,789 a half hour before the start of regular trading.

Standard & Poor's 500 index futures are up five points to 1,958, while Nasdaq 100 futures are up 13 points at 3,854.

The S&P 500 posted a gain of 4.7 percent in the second quarter, helped by rising profits and big companies buying back more of their own shares. The index starts the new month two points shy of its record close, 1,962.87, set June 20.

STEADY: Thirty minutes after the market opens, the Institute for Supply Management reports on U.S. manufacturing production, orders and other activity in June. Economists forecast that the gauge rose for the fifth straight month in June. The ISM, a trade group of purchasing managers, will release its manufacturing index Tuesday at 10 a.m. Eastern time.

HOUSING: CoreLogic, a data provider, said that house prices increased 8.8 percent in May compared with 12 months earlier. The pace of gains has slowed as more homes have come onto the market, according to CoreLogic. Prices increased the most in Western states, including Hawaii, California and Nevada.

RECALLS: Shares of General Motors were down 5 cents to $36.25 in premarket trading. GM's problems took a new turn Monday when the automaker added 8.2 million vehicles in North America to its ballooning list of cars recalled over faulty ignition switches. GM has now issued five recalls for 17.1 million cars with defective switches, spanning every model year since 1997.

EUROPE: Major markets in Europe climbed. France's CAC 40 added 0.6 percent while Germany's DAX rose 0.2 percent. Britain's FTSE 100 advanced 0.5 percent.

BONDS AND COMMODITIES: In the market for government bonds, the yield on the 10-year note edged up to 2.54 percent from 2.53 percent late Monday. Bond yields fall when prices rise. The price of crude oil gained 31 cents to $105.68 a barrel.

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Original headline: Stocks rise as surveys show stronger manufacturing


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