Market Hustle: Futures Rise Despite More China Weakness
NEW YORK (TheStreet) -- U.S. stock futures were pointing higher Monday as investors looked for further signs of U.S. economic improvement while digesting mixed growth signals from overseas.
S&P 500 futures were up 3.25 points, or 3.68 points above fair value, to 1,828.75, futures for the Dow Jones Industrial Average were rising 31 points, or 41.01 points above fair value, to 16,438, and Nasdaq futures were up 1.8 points, or 0.67 points above fair value, to 3,533.3.
The Institute for Supply Management's December services sector report is expected at 10 a.m. EST while the November factory orders report is scheduled for 10 a.m. The services sector release will include the non-manufacturing employment index, a precursor to Friday's December government jobs report.
Major U.S. markets closed mixed on Friday as Federal Reserve Chairman Ben Bernanke gave his final prepared speech emphasizing that the U.S. economy has made considerable progress since the recovery began.
- Minutes of the December Fed meeting will be released on Wednesday. November international trade numbers will be released on Tuesday.
- The Senate is expected to confirm Janet Yellen's appointment as Federal Reserve chair at around 5:30 p.m. on Monday.
- HSBC/ Markit Economics' purchasing managers' index for services industries in China showed a drop to 50.9 in December, its lowest level since August 2011. Slowing manufacturing activity in China were indicated in reports last week.
- The upturn in the eurozone private sector economy gained momentum in December, according to Markit.
- Idenix Pharmaceuticals (IDIX) was popping 6.54% to $6.68 and Gilead Sciences (GILD) was rising 0.35% to $74.58. They're among a number of biotech stocks in focus as UBS and JPMorgan publishes their bullish 2014 biotech sector outlooks.
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