After a decidedly bad week for stocks, all eyes will be on the raft of economic data due out next week as the second-quarter earnings season approaches. Trading, however, is likely to be subdued ahead of the Independence Day holiday. Monday is the last day of the second quarter and the last chance money managers have to dress up their portfolios, so it could be volatile. But with few earnings releases planned and Thursday's session ending early, many trading desks will be short-staffed as traders get a jump-start on the long weekend. "Not only do you have the July Fourth holiday, but we close up at 1 p.m. on Thursday. Who is going to be here once Wednesday rolls around?" said Larry Wachtel, senior vice president at Prudential Securities. "We do get jobs figures, and those are always important. The question is whether nonfarm payrolls will recede slightly or stay flat." "The whole week will be colored by the holidays, since we have no earnings statements, but the PMI Chicago Purchasing Managers Index on Monday is important, too. You might see the PMI rise above 50, which is the divide between contraction and expansion," said Wachtel. "And with the portfolio changes, volume could be high for a Monday, but then it will slack off on Tuesday." Tuesday brings the release of the Institute for Supply Management index for June, which is expected to come in at 50.5, up from May's 49.4 and a marginal sign of economic expansion. Tuesday also brings auto and truck sales for the month of June, which could affect the automakers. Thursday's session could be volatile given the expected low volume, especially if there are surprises in the early morning release of nonfarm payrolls, average workweek, hourly earnings and the unemployment rate for the month of June. And with factory orders for May and ISM services due out shortly after the opening bell on Thursday, market watchers will have a number of data points to sort through before vacation begins.