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Chewy jumps after Keith Gill discloses stake

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Spirit AeroSystems ( SPR ) gains on Boeing ( BA ) takeover

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Manufacturing PMI on deck

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Futures up: Dow 0.24%, S&P 500 0.23%, Nasdaq 0.23%

By Ankika Biswas and Lisa Pauline Mattackal

July 1 (Reuters) - U.S. stock index futures gained on

Monday ahead of manufacturing PMI data, with focus also on labor

market numbers later in the week for cues on the Federal

Reserve's monetary policy path.

AI chip firm Nvidia ( NVDA ) shed 1.0% in premarket trading,

after choppy trade last week, along with some weakness in other

semiconductor stocks. Megacaps such as Alphabet,

Microsoft ( MSFT ) and Amazon.com ( AMZN ) were up between 0.4%

and 0.9%.

Focus will be on ISM and S&P Global manufacturing PMIs later

in the day. This follows Friday's personal consumption

expenditures (PCE) price index, the Fed's preferred measure of

inflation, which was unchanged in May and underscored the

narrative of slowing inflation and resilient economic growth.

Also scheduled for the week are JOLTS job openings data on

Tuesday, and ADP employment, factory orders, ISM services PMI

data and minutes of the Fed's latest policy meeting on

Wednesday.

Non-farm payrolls data is due on Thursday, when trading will

be shut for equities on account of U.S. Independence Day.

Traders have largely stuck to their bets of around two

interest rate cuts this year, starting from September, according

to LSEG FedWatch.

Comments from New York Fed President John Williams are also

due later on Monday.

The Nasdaq and the benchmark S&P 500 notched their third

straight quarterly gains on Friday, with the tech-heavy index

doing so for the first time in three years.

"It's half time, and it is definitely party time, at least

if you are in a large-cap, market-weighted index or the

Magnificent Seven," wrote Howard Silverblatt, senior index

analyst at S&P Dow Jones Indices.

"The market continued to have no problem with a delaying

Fed, geopolitical issues or the pending U.S. election ... July

should be dominated by earnings and, more importantly,

projections for the second half of 2024."

As the top few heavily weighted stocks have largely

supported Wall Street's upward trajectory on optimism around

artificial intelligence and interest rate cuts, the blue-chip

Dow has lagged its peers with a quarterly decline.

Owing to the lack of broad-based gains, market participants

have highlighted concerns over the sustenance of such a skewed

rally, calling for the need of greater diversification in

investor holdings.

At 7:25 a.m. ET, Dow e-minis were up 93 points, or

0.24%, S&P 500 e-minis were up 12.5 points, or 0.23%,

and Nasdaq 100 e-minis were up 45.75 points, or 0.23%.

Spirit AeroSystems ( SPR ) gained 4.7% following Boeing ( BA )

's deal to buy back the fuselage supplier for $4.7 billion

in stock. Boeing's ( BA ) shares slipped 0.4%.

Chewy's shares soared 15.3% after stock influencer

Keith Gill, also known as "Roaring Kitty", disclosed a 6.6%

stake in the pet products retailer.

Pet-focused company Petco Health and Wellness ( WOOF )

gained 1.9%, while shares of videogame retailer GameStop ( GME )

, another Gill stock favorite, fell 6.6%.

U.S.-listed shares of Li Auto rose 3.5% after the

Chinese EV maker's vehicle deliveries rose 46.7% year-on-year in

June.

Cryptocurrency-related stocks Coinbase Global ( COIN ), Riot

Platforms ( RIOT ), Marathon Digital ( MARA ) and MicroStrategy ( MSTR )

gained between 1.8% and 1.9% after bitcoin

prices jumped as much as 3% to a one-week high.