U.S. Set for Higher Open, Autos Sales in Focus

TheStreetJuly 1, 2014

U.S. stock index futures are pointing to a higher open when trading gets underway on Tuesday. Global markets are higher, heartened by fresh data showing the Chinese manufacturing sector is on the rebound. Stateside, the focus will be on U.S. auto sales. While the numbers are expected to rise year over year for the month of June, sales are expected to slide quite a bit from May given that pent up demand from the winter has already played out. GM and Ford are both expecting to see year over year declines. However, GM is in hot water for other reasons. The automaker has issued yet another series of recalls, bringing its grand total to some 26 million vehicles recalled. BNP Paribas pleads guilty to charges of doing business with countries with US sanctions against them. It will pay almost 9 billion in penalties as a result. TheStreet's Joya Dass reports from the Nasdaq Marketsite in New York.