NEW YORK (TheStreet) -- U.S. stock futures were turning higher Monday as corporate earnings outlook fueled hopes of potential market upside against a backdrop of weakening China data.
S&P 500 futures were up 3.75 points, or 3.51 points above fair value, to 1,780.25. Dow Jones Industrial Average futures were ahead by 34 points, or 31.15 points above fair value, to 15,664. Nasdaq futures were up by 6 points, or 5.58 points above fair value, to 3,520.
Yum Brands (YUM), the parent company of KFC, Pizza Hut and Taco Bell, is expected by analysts after Monday's closing bell to report fourth-quarter earnings of 80 cents a share on sales of $4.26 billion.
Guidance for the first quarter of 2014 has been provided by 58 companies during the fourth-quarter earnings season. Of those, 37 are negative, 21 positive and zero were in line, producing a negative-to-positive ratio of 1.8, lower than the 15-year average, according to S&P Capital IQ's New York-based director for global markets intelligence Christine Short.
- International markets were mixed Monday after China's official Purchasing Managers' Index weakened to 50.5 in January from 51 in December.
- The FTSE 100 in London was up 0.21% and the DAX in Germany fell 0.13%. The Hong Kong market was closed for the Lunar New Year holiday. Stocks in Japan declined nearly 2%.
- Economic reports on tap Monday include the Markit PMI manufacturing index for January at 8:58 a.m. EST, the January composite index from the ISM manufacturing survey at 10 a.m., and construction spending data at 10 a.m. A slip in the ISM to 56 in January is expected, after a level of 56.5 in December.
- Automakers including General Motors (GM) and Ford (F) are scheduled to release sales for January on Monday. Most analysts are predicting a small sales increase to an annual rate of around 15.6 million.
- Federal Reserve Vice Chair Janet Yellen will be sworn in Monday. The event is expected to begin at 9 a.m.
- Herbalife (HLF) was surging 4.32% to $67.15 after announcing the offering of $1 billion in convertible notes to help fund the cost of repurchasing its common shares.
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