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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to extend the upward trend seen in recent sessions.
The markets may benefit from recent upward momentum, which has helped the major averages close higher for three consecutive sessions.
The recent advance by stocks comes despite lingering concerns about a global trade war as tariffs on billions of dollars of U.S. and Chinese goods are set to take effect later this week.
Signs of continued strength in the U.S. economy despite the ongoing trade disputes may be inspiring traders to pick up stocks.
Trading activity is likely to remain relatively subdued, however, as the markets are due to close earlier than normal ahead of the July 4th holiday.
Following the holiday, traders are likely to keep a close eye on the minutes of the latest Federal Reserve meeting as well as the Labor Department?s monthly jobs report.
After coming under pressure early in the session, stocks showed a significant turnaround over the course of the trading day on Monday. The major averages climbed well off their lows of the session and into positive territory.
The major averages all closed higher, with the Nasdaq outperforming its counterparts. While the Nasdaq advanced 57.38 points or 0.8 percent to 7,567.69, the Dow edged up 35.77 points or 0.2 percent to 24,307.18 and the S&P 500 rose 8.34 points or 0.3 percent to 2,726.71.
The rebound on Wall Street came following the release of a report from the Institute for Supply management showing growth in U.S. manufacturing activity unexpectedly accelerated in the month of June.
The ISM said its purchasing managers index climbed to 60.2 in June after rising to 58.7 in May, with a reading above 50 indicating growth in manufacturing activity. Economists had expected the index to edge down to 58.4.
"The increase in the ISM manufacturing index in June is a clear sign that, for now at least, the strength of the domestic economy is more than offsetting any increased uncertainty on trade policy," said Michael Pearce, Senior U.S. Economist at Capital Economics.
He added, "However, with the dollar appreciating by 6% since April, global growth slowing and retaliatory tariffs just beginning to bite, the sector looks unlikely to fare so well for long."
Stocks initially moved lower on lingering trade concerns as tariffs on $34 billion worth of Chinese imports to the U.S. and a matching $34 billion worth of U.S. exports to China are due to take effect on July 6th.
Adding to the concerns, news website Axios obtained a leaked draft of bill ordered by President Donald Trump that would declare America's abandonment of fundamental World Trade Organization rules.
The bill, known as the United States Fair and Reciprocal Tariff Act, essentially provides Trump a license to raise U.S. tariffs at will, without congressional consent, Axios said.
"It would be the equivalent of walking away from the WTO and our commitments there without us actually notifying our withdrawal," a source familiar with the bill told Axios.
Nonetheless, the source noted Congress would never give the president the authority, and a White House spokeswoman told Axios the administration does not have actual legislation it is preparing to rollout.
A previous report from Axios said Trump has repeatedly told top White House officials he wants to withdraw the United States from the World Trade Organization.
Additionally, the European Commission has warned the Trump administration that imposing tariffs on cars imported from Europe will harm trade, growth and jobs in the U.S. and abroad.
Overall trading activity was somewhat subdued, however, with the upcoming July 4th holiday keeping some traders on the sidelines.
Later this week, trading may be impacted by reaction to the Labor Department's monthly jobs report and the minutes of the latest Federal Reserve meeting.
Computer hardware stocks showed a strong move to the upside on the day, contributing to the advance by the tech-heavy Nasdaq. Reflecting the strength in the hardware sector, the NYSE Arca Computer Hardware Index climbed 1.3 percent.
Notable strength also emerged among transportation and biotechnology stocks, with the Dow Jones Transportation Average and the NYSE Arca Biotechnology Index both rising by 1 percent.
On the other hand, substantial weakness remained visible among oil service stocks, as reflected by the 3 percent slump by the Philadelphia Oil Service Index.
Other energy stocks also moved to the downside, with the NYSE Arca Oil Index and the NYSE Arca Natural Gas Index falling by 1.4 percent and 1.3 percent, respectively.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 10 am ET, the Commerce Department is scheduled to release its report on new orders for manufactured goods in the month of May. Factory orders are expected to come in unchanged in May after slumping by 0.8 percent in April.
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| | Stocks in Focus |
Shares of Herman Miller (MLHR) are moving sharply higher in pre-market trading after the office furniture maker reported better than expected fiscal fourth quarter results and raised its quarterly dividend.
Database marketing company Acxiom (ACXM) may extend the rally seen in the previous session after confirming the sale of its marketing solutions department to Interpublic Group (IPG) for $2.3 billion.
On the other hand, shares of PepsiCo (PEP) may move to the downside after Deutsche Bank downgraded its rating on the snack and beverage giant to Hold from Buy.
Deutsche Bank also lowered its ratings on airline stocks American Airlines (AAL), Delta Air Lines (DAL), and United Continental (UAL) to Hold from Buy. |
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| | Europe |
European stocks are broadly higher on Tuesday after German Chancellor Angela Merkel reached a deal with her Interior Minister over migration policy, helping avert a political crisis in the country.
While the German DAX Index has jumped by 1.4 percent, the French CAC 40 Index is up by 1 percent and the U.K.?s FTSE 100 Index is up by 0.7 percent.
Societe Generale has climbed in Paris after agreeing to acquire Commerzbank's Equity Markets & Commodities business. Shares of Commerzbank have also advanced.
Sanofi has also moved notably higher after closing a strategic transaction with Evotec to integrate its infectious disease unit including licensing-in the majority of Sanofi's infectious disease research portfolio.
Meanwhile, shares of BE Semiconductor Industries N.V. have slumped after the Dutch semiconductor equipment manufacturer trimmed its sequential growth forecast for second-quarter revenues.
Swiss iron ore pellet producer Ferrexpo has also tumbled after its total pellet production for the first half of 2018 declined 1.2 percent to 5.10 million tons, reflecting a planned 65-day pellet line refurbishment.
Glencore, which is facing a U.S. money laundering probe, has also moved substantially lower on the day.
In economic news, Eurozone retail sales were unchanged in May as an increase in food sales was offset by a decline in non-food products turnover, data from Eurostat showed. Sales were expected to gain 0.1 percent, reversing the 0.1 percent drop logged in April.
Survey data from IHS Markit and Chartered Institute of Procurement & Supply showed U.K. construction output grew at the fastest pace in seven months in June.
The construction Purchasing Managers' Index rose to 53.1 from 52.5 in May. The latest reading pointed to the sharpest rise in construction output since November 2017.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks recovered from an early sell-off to end mixed on Tuesday amid rising U.S.-China trade tensions after the U.S. moved to block China Mobile from entering its telecommunications market on national security grounds.
Chinese stocks reversed steep losses to finish on a positive note and the yuan pared losses after sliding through 6.7 per dollar on expectations of intervention from policymakers to halt a rout.
The benchmark Shanghai Composite Index rose 10.79 points or 0.4 percent to 2,786.35. Hong Kong's Hang Seng Index slumped 409.54 points or 1.41 percent to 28,545.57 as traders returned to their desks after a holiday on Monday.
Japanese shares closed near three-month lows as the July 6th deadline looms for the Trump Administration's planned imposition of tariffs. The Nikkei 225 Index fell more than 1 percent at one point before recouping most losses to end the session down 26.39 points or 0.1 percent at 21,785.54.
The broader Topix Index dipped 0.2 percent to close at 1,692.80. Non-ferrous metal companies and shipping firms were among the worst hit on persistent worries about the growing threat of a global trade war.
Australian stocks rose notably after the country's central bank left its key interest rate unchanged at a record low, as widely expected, saying its stance remains consistent with sustainable growth in the economy and achieving the inflation target over time.
The benchmark S&P/ASX 200 Index rose 32.40 points or 0.5 percent to 6,210.20, while the broader All Ordinaries Index closed 0.5 percent higher at 6,302.80.
The big banks rose 1-2 percent. Woodside Petroleum and Santos rose about 1 percent as oil prices climbed in Asian trading after Libya declared force majeure on significant amounts of its supply.
On the other hand, miners BHP Billiton, South32 and Rio Tinto lost 2-3 percent after commodity prices fell overnight on a firmer dollar.
Sigma Healthcare tumbled 3.1 percent on losing a contract to supply the Chemist Warehouse discount chemist chain. Ebos Group, which won the contract, jumped 5.8 percent to extend gains for the second straight session.
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| | Commodities |
Crude oil futures are climbing $0.76 to $74.70 a barrel after slipping $0.21 to $73.94 a barrel on Monday. Meanwhile, after tumbling $12.80 to $1,241.70 an ounce in the previous session, gold futures are ¬¬¬¬¬¬¬¬¬¬¬¬-rebounding $7.40 to $1,249.10 an ounce.
On the currency front, the U.S. dollar is trading at 110.66 yen compared to the 110.90 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1660 compared to yesterday?s $1.1639.
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