US futures head higher ahead of car sales report

AP News
Posted: Jun 03, 2013 7:41 AM
US futures head higher ahead of car sales report

NEW YORK (AP) — Stock futures are climbing after a precipitous sell-off in the final minutes of trading last week, with strong sales numbers expected from automakers.

Yet manufacturing as a whole is showing some weakness, largely due to strapped economies overseas, and that is expected to show up in slower expansion in Monday's manufacturing report.

Dow Jones industrial futures are up 84 points to 15,184. The broader S&P futures have added 7.8 points to 1,636.80. Nasdaq futures are up 11.75 points to 2,995.50.

Industry analysts believe automakers will report that sales rose 7 percent in May, which would put the annualized rate back above 15 million. Sales dropped below that threshold in April for the first time in six months.

Economists expect the Institute for Supply Management's manufacturing report will indicate slower expansion for the third consecutive month, however.