[video] Market Hustle: Futures Subdued as Holiday Spending Subdued
NEW YORK (TheStreet) -- U.S. stock index futures were pointing to a flat to marginally higher open on Wall Street after the kickoff to U.S. holiday sales shopping during the Thanksgiving period showed that online and in-store traffic increased but total spending was lower for the four-day period than a year ago.
The National Retail Federation reported a 2.9% year-over-year dip in sales.
Investors will continue to monitor consumer spending patterns Monday as the holiday shopping season unfolds, taking a particular interest in online retailers such as Amazon AMZN and eBay EBAY on Cyber Monday, the busiest time of the year for online shopping.
- S&P 500 futures were up 0.75 points, or 0.44 points above fair value, to 1,804.75.
- Futures for the Dow Jones Industrial Average were rising 8 points, or 4.59 points above fair value, to 16,074.
- Futures for Nasdaq were up 6.3 points, or 5.93 points above fair value, to 3,493.8.
- eBay shares were gaining 3.05% to $52.06 as SunTrust Robinson Humphrey boosted the stock to "buy" from "neutral" on expectations of strong holiday season performance.
- Amazon was adding 1.2% to $398.35 as CEO Jeff Bezos said the giant is testing drones that could deliver packages as quickly 30 minutes or less.
Aside from Cyber Monday, attention will also be paid to a spate of economic releases due this week.
- The Institute for Supply Management's November manufacturing survey is due at 10 a.m. EST on Monday. A level of 55 is expected, down from 56.4 in October, according to a Thomson Reuters survey.
- November and October construction spending data is also due at 10 a.m.
- The November government jobs report will be out on Friday after the release of jobless claims and GDP numbers on Thursday. The consensus forecast is for a creation of 185,000 jobs , down from 204,000 the prior month.
- The FTSE 100 was down 0.69% to 6,604.67.
- The DAX was up 0.08% to 9,413.26.
- The Shanghai Composite closed down 0.59% to 2,207.37.
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