RTTNews - US stocks were looking to resume their winning ways Monday morning in New York, but trading is expected to be uncertain over the course of the day due to the lack of first-tier economic data.
As of 6:15 ET, the Dow Futures were up 29 points, the NASDAQ Futures were up 6 points, and the S&P Futures were up 3 points.
The steam came out of the recent bear market rally last week. Stocks ended Friday's trading modestly lower in quiet dealing. The Nasdaq fell 3.4 percent for the week, while the Dow and the S&P 500 posted weekly losses of 3.6 percent and 5 percent, respectively.
India's main stock index surged higher by over 17 percent overnight after Prime Minister Manmohan Singh's Congress Party won nationwide elections, leaving leftist elements in the dust.
Home improvement retailer Lowe's Companies (LOW) releases its quarter results before the opening bell. Wall Street analysts have a consensus earnings estimate of $0.25 per share on revenues of $11.62 billion for the quarter.
Clothing retailer American Apparel Inc. (APP), Dr. Reddy's Laboratories Ltd. (RDY) are among others to roll out quarterly results on Monday.
The National Association of Homebuilders' is scheduled to release the results of their survey on homebuilders' confidence for April at 1 PM ET on Monday. The March reading was the highest since October. All three sub-indexes improved, with the indexes for present conditions, future sales outlook and prospective buyers traffic rising in the month.
Reports on housing starts, leading economic indicators, and Philadelphia-area manufacturing activity are on tap later this week, along with the release of the minutes of the latest Federal Reserve policy making session.
The dollar rose sharply on Friday and extended its gains against the euro and yen Monday morning. The price of oil was up more than 1 percent just above $57 a barrel.
The major markets across the Asia-Pacific region ended mixed on Monday. While the markets in Australia, New Zealand, South Korea, and Japan ended lower, the markets in China, Hong Kong, Singapore, Indonesia and Taiwan ended in positive territory. The markets in India soared more than 17%, forcing regulators to stop trading for the day as markets cheered the return to power of the ruling Congress party with a clear mandate.
European shares were basically flat in early dealing.
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