Economic data, lighter fare for the holiday
Investors will look to economic data, as other news is light because of the July 4th-shortened week. The Dow was set to open slightly higher.
Volume may be low this week as investors take time off around the July 4th holiday, which falls on Wednesday. Several companies have even put off their earnings reports because of the holiday, and some, such as Compaq Computer, Adobe Systems, Xilinx and Applied Materials, have told their employees to take the week off.
The National Association of Purchasing Management's June index on manufacturing activity, a key measure of economic growth, is due out a half hour after the market opens. The index is expected to rise to 42.5 percent from 42.1 in May. Any reading under 50 is considered to mean the economy is shrinking.
Data on personal income and spending for May are also due out. Economists are predicting a 0.3 percent rise in income and a 0.4 gain in spending, similar to April's increases.
Stocks to watch
• LightPath Technologies lowered its projections for the fourth quarter and gave estimates for 2002. The maker of glass used in fiber-optic networks said revenue is expected to be around $5 million in the fourth quarter, just half of last quarter's $10 million figure. The company said it was hard to project into 2002, due to slowing purchases from its telecommunications customers, but it predicts sales of $35 million to $55 million. First Call did not have a consensus estimate on revenue for the company.
• HotJobs.com may also be active after news that rival online recruitment company Monster.com will acquire it. The deal is worth approximately $460 million. Monster's parent company, TMP Worldwide, said it will keep HotJobs.com as a standalone site after the deal closes in the fourth quarter.
At the bell
The Dow Jones industrial average may open 28 points higher. The Standard & Poor's 500 index for July futures contracts was up 3.3 points to 1,235 at 7:10 a.m. EDT in 24-hour electronic trading.
Reuters contributed to this report.