NEW YORK ( TheStreet) -- U.S. stock futures were slipping slightly Monday as euphoria over the Federal Reserve's moves to boost the U.S. economy faded.
European shares were down while Asian stocks finished mostly lower Monday's trading session with losses. Japanese markets were closed for a holiday.
Major Japanese firms have shut factories in China amid a territorial dispute between the two biggest economies in Asia.
The economic calendar in the U.S. Monday includes the Empire State Manufacturing Survey for September at 8:30 a.m. EDT. Economists surveyed by Reuters expect a reading of -2.00, compared with -5.85 in August.
U.S. stocks on Friday finished with solid gains, capping a stellar week as the risk-on trade flourished thanks to a bold stimulus plan outlined by the Federal Reserve The Dow Jones Industrial Average rose more than 54 points, or 0.4%, to close at 13,593 on Friday. The blue-chip index finished the week up 2.15%. It is up 11.26% for the year. The S&P 500 closed up nearly 6 points, or 0.4%, at 1466, and rose 1.9% for the week. Year to date, the index is up 16.55% and sitting at levels dating back to December 2007. The Nasdaq surged more than 28 points, or 0.89%, to settle at 3184. The index is up 22.22% year to date.
President Obama is launching a new trade enforcement case against China. Senior administration officials said Obama will announce the new action, targeting Chinese subsidies for exports of automobiles and automobile parts, on Monday during a campaign trip to Ohio, The Associated Press reported.
Activist investment fund Starboard Value LP is expected to disclose Monday it has taken a 13.3% stake in Office Depot (ODP - Get Report), The Wall Street Journal reported, citing people familiar with the matter. The stake would make Starboard the largest shareholder in Office Depot. Starboard CEO Jeffrey Smith, in a letter to Office Depot's CEO Neil Austrian that was reviewed by the Journal, said Office Depot's shares are "deeply undervalued" but that management could cut expenses, among other actions, to improve performance.
The Treasury Department is resisting a push by General Motors (GM - Get Report) to sell the government's entire stake in the automaker, the Journal reported. Treasury officials aren't interested in GM's offer to sell the shares, saying that a sale now would leave the government with a hefty loss on its investment, the Journal reported, citing people familiar with the matter.
Protesters plan to gather Monday the New York Stock Exchange to celebrate Occupy Wall Street's one-year anniversary.
The strike by Chicago's public-school teachers extended into a second week, and and Mayor Rahm Emanuel said he would go to court to block the walkout.
-- Written by Joseph Woelfel
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