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Futures driven higher by manufacturing

July 2, 2013

NEW YORK (AP) — U.S. stock futures are rising with industry watchers expecting automakers to post banner sales.

The government also releases its May factory orders report Tuesday and economists are looking for signs of an extended recovery in manufacturing.

Dow Jones industrial futures are up 36 points to 14,918. The broader S&P futures have added 4.5 points to 1,611.20. Nasdaq futures are up 10.5 points to 2,927.50.

The confluence of easy credit, low interest rates and smart, new models are driving auto sales sharply higher this year. Analysts who follow the industry don’t see that changing any time soon.

When automakers post June sales, most analysts are expecting an increase of between 6 percent and 8 percent.

And the Commerce Department is expected to report that factory orders rose for the second straight month.

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