U.S. stock index futures indicated a modestly higher open on Monday, after a sell-off in the previous session, as investors looked to a busy week of economic data, while the U.S. dollar fell to a 14-month low.
Verizon Communications Inc (VZ.N) gained 1.7 percent to $29.35 before the opening bell after it reported third-quarter results.
Corning Inc (GLW.N) also rose in premarket trade after the specialty glass maker reported better-than-expected profit and forecast the market for glass for flat-screen televisions to grow by 15 percent next year. Corning was up 1.7 percent at $15.91.
Investors will take in the Dallas Federal Reserve survey for October later in the morning, but the highlight of the week will likely be on Thursday, when GDP data may show the U.S. economy returned to growth. Analysts expect the report to show the economy grew by 3.3 percent in the third quarter, according to a Reuters survey.
While the current earnings season has largely been better-than-expected, and there is still a slew of reports to come, the good news has been priced into the market, said Peter Cardillo, chief market economist at Avalon Partners in New York.
The story of the earnings season is fading, and most people will now be looking at the economic data and the trend of the U.S. currency, said Cardillo.
All in all, this market is headed into a consolidation phase as we get into the full swing of economic numbers this week.
The dollar fell to a 14-month low against the euro on Monday after a Chinese report saying Beijing should increase its holdings of euros and yen in its foreign reserves led investors to sell the greenback.
U.S. equities and the dollar have moved in the opposite direction as of late as the weak dollar helps multinationals with overseas sales. It also signals improving appetite for risk.
S&P 500 futures SPc1 rose 1.50 of a point 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 DJc1 gained 13 points, while Nasdaq futures NDc1 added 1.25 points.
U.S. stocks fell on Friday, with the major indexes slipping for the first week in three, as industrial companies' weak results overshadowed robust earnings from tech and retail heavy-weights.
The blue-chip Dow average .DJI finished below 10,000, but is still up 54 percent from the March low as investors grow more confident that the economy will recover, and as corporate earnings beat expectations.