Important data on this holiday week

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This week has some key economic data, interrupted by the Fourth of July on Thursday.

The Institute of Supply Management's crucial manufacturing index for June gets things rolling at 10 a.m. ET. Economists are looking for a reading of 50.5, up from 49 in May. Higher readings could be bullish for stocks.

May construction spending, scheduled for the same time, is expected to show an increase of 0.5 percent, compared with 0.4 percent the previous month.

Tuesday brings factory orders at 10 a.m. and vehicle sales at 2 p.m. Another big report comes Wednesday morning when ADP issues its monthly survey of private-sector payrolls. The market closes early, at 1 p.m., on Wednesday before the Independence Day holiday.

Activity resumes Friday morning with the pivotal monthly employment situation from the Labor Department.

Trading volume will probably light all week, especially after Tuesday. The calendar will turn to corporate news next week as quarterly-earnings season gets underway.

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