NEW YORK ( TheStreet) -- U.S. stock futures were mixed on Monday ahead of economic data that should offer investors as indication of the health of U.S. manufacturing.
Futures for the S&P 500 were slipping by less than a point, or 0.02%, to 1562.50.
The Institute for Supply Management is expected to report at 10 a.m. EDT that its manufacturing survey for March reached 54, according to a consensus among economists. Any number higher than 50 suggests that the sector is growing whereas a number lower than the threshold reflects contraction.
Last month's report showed a 1.1 point increase to 54.2.Also due out at 10 a.m. is a gauge on construction spending. Spending fell 2.1% in January, but economists are expecting spending to gain 1.1% in February. The report gives investors an idea of the cost of new construction on non-residential, residential and public building. Futures for the Dow Jones Industrial Average were adding 5 points, or 0.03%, at 14,502. Nasdaq futures were increasing 3.5 points, or 0.12% to 2814.50. Markets were closed on Friday in observance of Good Friday. The S&P on Thursday reached an all-time high, trumping its former record reached on Oct. 9, 2007. Investors shrugged-off concerns that Cyprus's financial problems would exacerbate Europe's wider banking debt crisis. The new high for the U.S. benchmark came five years after a mortgage-backed security crisis sent the world's largest economy into its worst recession in more than 70 years. Asian markets closed lower overnight as Chinese manufacturing PMI printed slightly below economists' expectations, but still maintained a trajectory of growth. Japan's Nikkei average closed down by 2.12% overnight at 12,135. Hong Kong's Hang Seng slid 0.74% to 22,300. European markets on Monday are closed. Futures for May crude oil contracts at the New York Mercantile Exchange were shedding 68 cents to $96.55 a barrel. The benchmark 10-year Treasury was declining 4/32, boosting the yield to 1.868%. The dollar was gaining 0.12%, according to the
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV