by Calculated Risk on 7/02/2023 07:48:00 PM

Weekend:
• Schedule for Week of July 2, 2023

Monday:
• At 10:00 AM ET, ISM Manufacturing Index for June. The consensus is for the ISM to be at 47.2, up from 46.9 in May. 

• Also, at 10:00 AM, Construction Spending for May. The consensus is for a 0.5% increase in construction spending.

• Late in the day, Light vehicle sales for June. The consensus is for light vehicle sales to be 15.3 million SAAR in June, up from 15.1 million in May (Seasonally Adjusted Annual Rate). Wards Auto is forecasting sales of 15.9 million SAAR in June.

• US markets will close at 1:00 PM ET prior to the Independence Day Holiday.

From CNBC: Pre-Market Data and Bloomberg futures S&P 500 and DOW futures are unchanged (fair value).

Oil prices were up over the last week with WTI futures at $70.64 per barrel and Brent at $75.41 per barrel. A year ago, WTI was at $110, and Brent was at $119 - so WTI oil prices are down about 36% year-over-year.

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $3.50 per gallon. A year ago, prices were at $4.81 per gallon, so gasoline prices are down $1.31 per gallon year-over-year.