Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Monday, July 3rd, and I'm your host, Kim Khan.

This is a special edition of Wall Street Lunch,

with New York Trading closing early before Independence Day.

First, let's take a look at how stocks are doing heading into the 1 p.m. finish.

Moves have been subdued all day.

The S&P 500, NASDAQ, and Dow are up slightly.

Consumer discretionary is the best performing S&P sector,

while health care is the best-performing S&P sector, while health care is the weakest.

June, ISN manufacturing fell more than expected, down to 46, the lowest level since May 2020.

That marks eight straight months of contraction in the manufacturing sector, coming after 30 months of expansion.

Among the components, new orders top estimates, while employment fell more than expected.

Prices also came in lower than forecast.

Wells Fargo said a scan through selected industry comments

suggests things are a little less dire than at first blush,

noting most industries reference stable demand and steady business activity.

Also in manufacturing, the June SMT Global PMI came in right a consensus at 46.3 and make construction spending were 0.9% more than anticipated.

The 10-year Treasury yield edged up to around 3.85%, oil, gold, and Bitcoin were up. Among active names, Rivian Automotive jumped after announcing

it produced 13,992 vehicles at its manufacturing facility in Normal Illinois in Q2. It also delivered 12,640

vehicles topping the consensus of 11,300. Crucially, the EV Maker said it believes

it is on track to make good on its guidance for annual production of 50,000.

Tesla also rallied on deliveries while Canoe and Workhorse Group saw gains as well.

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