NEW YORK (CNNMoney.com) -- Investors will be watching a key report on manufacturing and sales results from automakers Monday as they try to extend last week's rally.

S&P and Nasdaq futures rose in early trading, pointing to a higher start for Wall Street. Stocks posted solid gains last week, on the back of Thursday's big post-Fed rally.

Trading is expected to be light Monday, with the stock and bond markets closing early and futures markets closed. All U.S. financial markets will be closed Tuesday for the July 4th holiday.

In economic news, the Institute for Supply Management is due to report on June manufacturing. Economists are forecasting a reading of 55, up from 54.4, according to a survey by Briefing.com. A reading above 50 points to growth in the sector.

The government's report on construction spending is expected to show an increase of 0.2 percent for May after a 0.1 percent drop in April.

Automakers are due to release June sales during the day.

GM (up $2.35 to $29.79, Charts) stock rallied in Europe, rising about 1 percent in Frankfurt, after soaring 8.6 percent Friday on news that investor Kirk Kerkorian urged the troubled automaker to partner with French automaker Renault and Japanese giant Nissan Motor Corp.

The executive board at Renault is expected to meet on Monday to discuss a possible deal.

The stock price for EADS, parent of Airbus, failed to rally in European markets, despite reports that two executives were fired because of manufacturing problems at the European aircraft maker.

No major earnings reports are due Monday.

Overseas, Tokyo's Nikkei index hit its highest level in four weeks and stocks in Europe were little changed in morning trading.

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