U.S. stock futures pointed to a modestly higher open on Monday as investors looked to new data later in the holiday-shortened week for clues over the direction of the recession-hit economy.

U.S. stocks have run up as much as 40 percent since early March but have drifted recently as investors looked for signs to justify earlier optimism over an economic economy that partly drove the rally.

“The focus will be on the economic data in this abbreviated week,” said Peter Cardillo, chief market economist at Avalon Partner in New York. “What we are going to see is a market that is going to respond to the economic data, numbers that should continue to indicate improvement ”

The main focus later this week will be the June jobs report set for Thursday instead of Friday, when U.S. markets will be closed due to the U.S. Independence Day holiday.

Other key economic data will include the