U.S. stock index futures were little changed on Monday after the market's best two-week run since 2009 as Germany's finance minister said a forthcoming European summit would not yield a definitive solution to the region's debt crisis as many investors had hoped.
European governments will not present an ultimate solution for the sovereign debt crisis at an upcoming European Union summit, German Finance Minister Wolfgang Schaeuble said.
The S&P 500 has risen more than 8 percent in the first back-to-back weeks of gains since July. The index has approached the top of a two-month trading range on hopes the global economy can dodge a new recession and the euro zone will resolve its debt crisis and recapitalize its banks.
Peter Cardillo, chief market economist at Rockwell Global Capital in New York, said the S&P 500 was running into resistance near the 1,250 level. The index closed at 1,224.58 on Friday. If we get through that than it will take us into a higher new trading range as we go forward, he said.
S&P 500 futures were unchanged and below 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 gained 2 points, and Nasdaq 100 futures dipped 3 points.
Kinder Morgan Inc
G20 finance ministers and central bankers said at a meeting in Paris they expected euro zone leaders to decisively address the current challenges through a comprehensive plan at a European Union summit on October 23.
Corporate earnings kick into high gear Monday, with results due from Citigroup Inc
The New York Federal Reserve releases its Empire State Manufacturing Survey for October at 8:30 a.m. EDT. Economists expect a reading of -4.00, compared with -8.82 in September.
The Federal Reserve releases industrial production and capacity utilization data for September at 9:15 a.m. EDT. Economists looked for a 0.2 percent increase in production, unchanged from the previous month and a reading of 77.5 percent for capacity utilization, versus 77.4 percent.
European stocks <.FTEU3> turned flat on Monday. The shares sought to extend a brisk recovery rally into a third week. <.EU>
(Editing by Jeffrey Benkoe)