U.S. stock index futures rose on Monday, as the outlook for corporate earnings lifted investor optimism about the vitality of an economic recovery.
Other key earnings on tap include iPhone maker Apple Inc
So far most of the companies that have come out, while a few have missed, they have all beat market expectations, said Peter Cardillo, chief market economist at Avalon Partners in New York.
But the real focus is on the revenue growth and of course on guidance and all companies. Even the companies that disappointed in revenue growth did have somewhat of a rosier forecast, and that is the reason why we see continued enthusiasm for equities, Cardillo said.
S&P 500 futures rose 6.30 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 added 51 points, while Nasdaq futures gained 10.25 points.
China's gross domestic product grew more than 7 percent in the first nine months, a senior official from the National Development and Reform Commission said Monday. Speaking at a news conference, Xiong Bilin said China would have no difficulty reaching the government's full-year GDP growth target of 8 percent.
General Electric Co
European shares were higher in early Monday trade after Friday's retreat, with banking and commodity stocks taking the lead.
Asian shares hovered near 14-month highs Monday, shaking off an early dip after disappointing earnings from U.S. corporate bellwethers such as GE spurred some profit-taking.
U.S. stocks dropped on Friday after disappointing results from GE and Bank of America Corp
(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)