U.S. stock index futures gained on Monday, taking a cue from rising global markets, as a weaker dollar lifted commodity prices in a boost to natural resource stocks and investors looked ahead to economic data and a speech by the Federal Reserve chairman.
October retail sales numbers could offer clues about consumer spending ahead of the holiday season, while the New York Federal Reserve's Empire State manufacturing survey will provide an early gauge of economic activity in November. Both surveys are due at 8:30 a.m. EST.
Fed Chairman Ben Bernanke will speak on economic conditions in an address to the Economic Club of New York at 12:15 p.m. EST. Investors are keen for signs when the Fed will remove stimulus measures from the economy and how long interest rates will remain near zero percent.
You've got oil trading up 1.5 percent, the energy complex up, the metals complex up, (agricultural) commodities looking higher, all of this on the heals of a dollar that's giving up some of its luster, said Arthur Hogan, chief market analyst at Jefferies & Co in New York.
Mining shares rose in premarket trade along with commodity prices. Freeport McMoRan Copper & Gold Inc
S&P 500 futures gained 9.6 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 65 points, and Nasdaq 100 futures added 11 points.
U.S. network equipment maker Cisco Systems Inc
Lowe's Cos Inc
Meanwhile, Goldman Sachs raised Nordstrom Inc
The dollar fell 0.5 percent against a basket of currencies, while oil futures rose 1.2 percent to above $77 a barrel, clawing back most of last week's losses, and gold touched a fresh high above $1,130 an ounce in Europe.
Chinese stocks jumped 2.7 percent, while Japan's Nikkei average <.N225> rose 0.2 percent, and European shares <.FTEU3> were up 1.1 percent, flirting with a 13-month high, driven higher by commodities-related shares.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)