Stock market today: Wall Street advances ahead of latest labor market data

Wall Street was poised to begin a holiday-shortened week with gains early Monday as markets digested an assortment of corporate news while awaiting a trove of labor market data.

Futures for the S&P 500 and Dow Jones Industrial Average each rose about 0.2% before the bell.

Boeing shares were little changed after the aerospace giant announced it was buying troubled supplier Spirit AeroSystems for $4.7 billion. Boeing hopes the deal, announced Sunday, will help it improve the quality and safety of its planes amid increased scrutiny from the government and airlines that buy its jets. Boeing previously owned Spirit, and the purchase reverses a longstanding strategy by the company of outsourcing key tasks on its jetliners.

European regulators have accused social network Meta Platforms of violating the bloc’s new digital competition rules by forcing Facebook and Instagram users to choose between seeing ads or paying to avoid them. Meta, whose shares were up less than 0.1% in premarket trading, began offering European users the option in November to pay for ad-free versions of Facebook and Instagram to comply with the continent’s strict data privacy rules.

Online pet store Chewy jumped more than 11% in premarket trading after Keith Gill, also known as Roaring Kitty, the individual at the center of the meme stock craze, revealed in an SEC filing that he is now the company's third-largest shareholder.

Later this week, the Labor Department will report on job openings, layoffs and the overall employment situation. Markets will be closed Thursday for the July 4 holiday.

Stocks were up in Europe on Monday, with the CAC index in Paris gaining 1.6% at midday after the far-right National Rally took a strong lead in the first round of legislative elections.

Other European markets opened higher, while most Asian markets also advanced.

The euro rose sharply before falling back to $1.0742 from $1.0744 as pollsters suggested the National Rally could win a majority in the lower house of parliament. However, the outcome remains uncertain and the voting system is complex.

Germany's DAX rose 0.5% and in London the FTSE 100 rose 0.4%.

In Asian trading, Japan's benchmark Nikkei 225 index gained 0.1% to 39,631.06 after a quarterly Bank of Japan survey, called tankan, showed a modest improvement in sentiment among the most major manufacturers in the country in April-June.

However, the government revised down its growth estimates for the first quarter of the year to an annual rate of minus 2.9%, from a previous figure of minus 1.8%.

Across all sectors and firm sizes, business conditions remained stable at 12, which is consistent with quarterly GDP growth of around 0% based on historical data, said Marcel Thieliant of Capital Economics in his tankan assessment. A further slowdown in GDP growth this quarter would be consistent with the decline in industrial production that firms were forecasting for June.

The dollar rose further against the Japanese yen and was trading early Monday at 161.26 yen, compared to 160.80 yen Friday evening.

The Shanghai Composite Index climbed 0.9% to 2,994.73 after a survey of factory purchasing managers released over the weekend showed conditions remained in contraction for a second straight month.

But a similar survey of private sector manufacturing activity released Monday showed improving business conditions. The Caixin manufacturing PMI rose to 51.8 in June on a scale of 100, from 51.7 the previous month. Readings above 50 are considered to show expansion.

Hong Kong markets were closed for a public holiday.

The Australian S&P/ASX 200 index lost 0.2% to 7,750.70 points. South Korea's Kospi rose 0.2% to 2,804.31 points after a private sector survey showed the country's industrial activity was the best since April 2022.

In other trading, benchmark U.S. crude rose 46 cents to $82 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, added 53 cents to $85.53 a barrel.

A wave of late-day selling on Friday left the S&P 500 down 0.4% and in the red for the week. The Nasdaq Composite Index fell 0.7%, while the Dow Jones Industrial Average fell 0.1%.

Despite a gloomy end to the season, the S&P 500 and the Nasdaq remain close to their historic highs.

The S&P 500 gained 3.5% in June and is up about 14.5% year to date. The Nasdaq gained about 6% for the month and is up 18.1% this year.