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Futures Trade Flat; MSFT Slips, Barclays Gains

U.S. stock index futures hovered around the flatline Tuesday ahead of a shortened pre-holiday trading day, as investors awaited the factory orders report.

The stock market will close early at 1pm ET Tuesday and will be closed on Wednesday. Markets will reopen, as normal, on Thursday.

Stocks recovered most of their losses in the previous session to end flat amid hopes that the Federal Reserve will take more action to support the global economy after a disappointing manufacturing report.

Among the day's economic news, May factory orders are due at 10 a.m. ET. Economists expect a rise of 0.2 percent in factory orders for May, according to a Reuters poll, compared with a 0.6 percent decline in April.

And June autosales will be released throughout the session.

Microsoft slipped after the world's biggest software maker announced a $6.2 billion chargeto write down the value of an online advertising agency it bought five years ago.

Apple edged higher after a U.S. judge rejected a request by Samsung Electronics to lift a ban on U.S. sales of its Galaxy Tab 10.1, in another blow for the South Korean tech giant.

Also among techs, Research In Motion dipped after Barclays cut its rating on the BlackBerry maker to "underweight" from "equal weight."

European stocks were higher amid expectations that the ECB will cut interest rates to a record low on Thursday.

Barclays CEO Bob Diamond resignedon the heels of the bank's interest rate manipulation scandal. His resignation comes a day after chairman Marcus Agius' departure.

—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

TUESDAY: Factory orders, auto sales; NYSE early close
WEDNESDAY: INDEPENDENCE DAY - Bond, equity markets closed
THURSDAY: Weekly mortgage apps, Challenger job-cut report, ADP employment report, ISM non-mfg index, oil inventories, chain-store sales
FRIDAY: Non-farm payrolls

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