RTTNews - U.S stock futures point to a higher open Monday morning amid higher commodity prices and earnings. Major energy and utility companies are slated to release their quarterly report cards during the week.
As of 6.30 am ET, the Dow Futures were up 100.00 points, the S&P Futures were up 11.60 points, and the Nasdaq 100 futures were up 22.50 points.
With the traders firmly convinced that the worst for the economy is over following better than expected advance GDP numbers for the second quarter, the focus will now shift to consumer spending and other economic numbers to gauge the pace of economic recovery in addition to earnings.
Traders would be presented with sales reports of individual automakers for July, which could help assess the impact of the clinkers for cash program or the CARS, primarily aimed at boosting sales in the auto industry.
On the economic front, results manufacturing survey from the Institute of Supply Management and construction spending report from the Commerce Department will be on the radar to provide clues on the health of the economy.
Economists expect the survey results to show a reading below 50 at 46.5 for July but higher than 44.8 reported for June. Construction spending is expected to show a decline of 0.6% for June following a 0.5% drop in May.
Among the corporates, Anadarko Petroleum Corp. (APC), Chesapeake Energy Corp. (CHK), Humana Inc. (HUM), Marathon Oil Corp. (MRO: News ) and Tyson Foods (TSN) will be releasing their reports cards during the day.
On Friday, stocks ended on a mixed note despite better-than-expected advance GDP numbers as traders expressed concern over a drop in personal spending reflecting the weakness in consumer demand which accounts for nearly two-thirds of the economy. The tech heavy Nasdaq fell by 5.80 points or 0.3% to 1,978, while the Dow closed up by 17.15 points or 0.2% at 9,172 and the S&P 500 rose 0.73 points or 0.1% to 987.
Oil Light sweet crude oil price for September delivery is presently quoted at $70.73 a barrel, up $1.28 from its previous close $69.45 a barrel in New York on Friday.
Dollar The greenback is trading weaker against the Euro and the Pound, but is gaining against the Japanese Yen in comparison with the previous close on Friday.
World Markets The markets across Europe are trading at a new high for the year led by banks, miners and oil stocks. Asian markets, except Japan and Taiwan, ended in positive territory buoyed by positive economic data in China and continuing optimism about a global recovery.
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