Risks of a correction may be on the rise but markets seem ready to welcome in July with a smile.
U.S. stock futures were pointing up and most major global indexes were rising.
Here are the four things you need to know before the opening bell rings in New York:
1. Stock market movers -- Netflix, BNP Paribas: It's worth keeping an eye on Netflix (Tech30). Premarket data shows the stock up by nearly 4% after a Goldman Sachs upgrade. ,
Shares in French bank BNP Paribas ( were enjoying a relief rally, rising by about 3.7% in Paris. It pleaded guilty to U.S. charges of sanctions busting Monday and agreed to pay a )record fine of nearly $9 billion. Some investors were bracing for even harsher punishment. The shares have lost almost 10% so far this year.
2. Economic indicators to watch: The U.S. government will report on the health of the construction industry in May at 10 a.m. ET. At the same time, the Institute for Supply Management's manufacturing index for June will be posted. In the afternoon, the Commerce Department will report data on vehicle sales from June.
3. International markets looking perky: European markets were all rising in early trading. The benchmark FTSE 100 in London was leading the pack with a gain of 0.6%. Most major Asian markets ended in positive territory, after China's official survey of manufacturing activity hit its highest level since December. The Nikkei in Japan was a standout performer, closing with a 1.1% gain.
Hong Kong markets were closed Tuesday for a public holiday, the 17th anniversary of the territory's handover from British to Chinese rule. Thousands of protesters were marching to the city's main business district to protest against Beijing's moves to assert greater political control.
Prices for oil and gold were rising, though the gains were small.
Despite Monday's mixed performance, U.S. stocks have enjoyed a solid first half of 2014. The S&P 500 has logged 22 record highs this year alone, ending the first half up 6%.