This morning, the S&P 500 Index e-mini futures (ES-U3) are trading higher by 6.50 points to 1605.75 per contract before the opening bell. This is a holiday shortened trading week in the United States with the Independence Day holiday being on Thursday. Generally, trading volume will become lighter as the holiday approaches. Today is also Canada Day so the Toronto Stock Exchange will be closed today. If there is going to be volatility in the stock market it will be today as the trading volumes will most likely decline as the week progresses.
Last night, many traders and investors were watching the Shanghai Composite (China) closely. China continues to report weak economic data, but the important Shanghai Composite finished higher by 0.81 percent. A slowing Chinese economy affects many of the leading base and industrial metal stocks. As long as the Chinese stock market holds steady stocks such as Freeport-McMoRan Copper & Gold Inc. (FCX), Vale SA (ADR) (VALE), BHP Billiton Limited (ADR) (BHP), and Rio Tinto plc (ADR) (RIO) could hold up. All of these stocks have been extremely weak due to falling Shanghai Composite.
Below you may find the video.