Stock index futures pointed to a higher open on Wall Street on Monday, signaling a rebound after the previous session's steep losses, with futures for the S&P 500 up 0.74 percent, Dow Jones futures up 0.68 percent and Nasdaq 100 futures up 0.02 percent at 4:12 a.m. EST.
The banking sector will be in the spotlight after CIT Group Inc
Goldman Sachs Group Inc
Bank of New York Mellon Corp
Japan's Nikkei stock average dropped 2.3 percent on Monday, with exporters hit by a stronger yen and in the wake of Wall Street's selloff on Friday, while European shares were slightly down in morning trade, adding to Friday's big losses, led lower by pharma stocks such as Roche
Oil rose above $77 a barrel on Monday, retracing some of the previous session's 3.6 percent drop, as bullish manufacturing data from China helped to allay fears about the pace of the rebound in global energy demand.
After weak U.S. consumer sentiment data released on Friday, investors were bracing for more U.S. macro data on Monday on construction spending, pending home sales as well as data from the Institute of Supply Management.
On the macro front in Asia, HSBC's China Purchasing Managers' Index (PMI) rose to an 18-month high in October of 55.4 from 55.0 in September, pointing to sustained strength in the country's vast manufacturing sector.
In company news, U.S. wine and spirits maker Constellation Brands Inc
Denbury Resources Inc
The Dow industrials suffered its worst slide since July on Friday on concerns that the economic recovery won't be robust enough to sustain the seven-month stock rally, while financials sank on renewed worries about Citigroup's balance sheet.
The Dow Jones industrial average <.DJI> slid 249.85 points, or 2.51 percent, to end at 9,712.73. The Standard & Poor's 500 Index <.SPX> tumbled 29.92 points, or 2.81 percent, to 1,036.19. The Nasdaq Composite Index <.IXIC> dropped 52.44 points, or 2.50 percent, to close at 2,045.11.
(Reporting by Blaise Robinson; Editing by Jon Loades-Carter)