07:34 AM EDT, 06/30/2025 (MT Newswires) -- The benchmark US stock measures were pointing higher before the opening bell Monday as investors monitor developments on President Donald Trump's key tax bill and await fresh labor market data later in the holiday-shortened week.

The S&P 500 rose 0.4%, the Dow Jones Industrial Average gained 0.5% and the Nasdaq added 0.6% in premarket activity. The indexes closed last week in the green, with the Nasdaq finishing up for the fifth consecutive trading session. US markets will be closed on Friday for Independence Day.

Traders are focusing on whether the US Senate will approve Trump's $4.5 trillion tax bill in the coming hours, according to several media publications. The bill, which could add more than $3.9 trillion to the national debt, narrowly passed a key procedural vote on Saturday to proceed it to a final debate, CNBC reported.

US Treasury yields were down in premarket action, with the two-year rate retreating 1.3 basis points to 3.73% and the 10-year rate declining 3.2 basis points to 4.25%.

Meanwhile, Trump reportedly told Fox News that he doesn't think he'll need to extend the July 9 tariff deadline for countries to make trade deals with the US. Trump told reporters at the White House on Friday that his administration could extend the deadline or make it shorter, which was his preference.

Canada on Sunday cancelled its proposed digital services tax on technology firms to advance trade negotiations with the US. The move comes after Trump said the US was scrapping trade discussions with Canada due to the digital services tax. The two countries agreed to resume negotiations with an aim to finalize a deal by July 21, according to a statement by Canada's finance ministry.

Fresh labor market data is on deck this week, beginning with the Job Openings and Labor Turnover Survey for May on Tuesday. The ADP Employment report for June is out on Wednesday, while the government's nonfarm payroll data for the same month is due Thursday.

Last week, government data showed consumer spending in the world's largest economy unexpectedly declined in May, as outlays on goods turned negative, while the Federal Reserve's preferred inflation metric accelerated annually and sequentially.

Monday's economic calendar has the Chicago Purchasing Managers' Index and the Dallas Fed manufacturing survey, both for the current ending month. Atlanta Fed President Raphael Bostic is scheduled to speak at 10 am ET, while Chicago Fed President Austan Goolsbee speaks at 1 pm.

Palantir Technologies' ( PLTR ) shares rebounded 4.9% pre-bell after dropping 11% at the close of Friday. Alphabet (GOOG, GOOGL) was up 1.3% while Snap (SNAP) inclined 3.3%.

West Texas Intermediate crude oil dipped 0.2% to $65.42 a barrel before the open. Gold increased 0.3% to $3,298 per troy ounce, while bitcoin edged up 0.1% to $107,632.