Futures Rise on Strong China Manufacturing
NEW YORK (
) -- U.S. stock futures followed global markets higher Monday on strong Chinese manufacturing data despite an unexpected drop in personal income in September.
Futures for the
Dow Jones Industrial Average
were up by 36 points, or 36 points above fair value, at 11,102. Futures for the
S&P 500
were 5 points higher, or 5 points above fair value, at 1184 and
Nasdaq
futures were up by 9 points, or 9 points above fair value.
Stocks flattened Friday as economic data offered no surprises.
On Monday, surveys of
manufacturing activity in China showed strong growth in October on an increase in infrastructure spending.
Overseas, Hong Kong's Hang Seng surged 2.4% while Japan's Nikkei inched 0.5% lower. The FTSE in London increased 0.3% and the DAX in Frankfurt also gained 0.3%.
Personal income unexpectedly fell in September, dropping 0.1%, after rising 0.4% in August, according to the Bureau of Economic Analysis. Personal spending rose 0.2%, compared with growth of 0.5% in the prior month. Economists had anticipated a 0.3% increase in income and a 0.4% uptick in spending, according to Briefing.com.
The Institute for Supply Management's October manufacturing index is projected to come in at 53.6 at 10 a.m., after hitting 54.4 in September.
Also at 10 a.m., the Department of Commerce will issue its report on September construction spending. Economists are anticipating a decline of 0.5%, after previous growth of 0.4%, according to Briefing.com.
|
Baker Hughes
(BHI)
blew past estimates with third-quarter earnings of 59 cents a share on sales of $4.08 billion. Analysts, on average, had been expecting a profit of 47 cents a share on sales of $3.8 billion.
Humana
(HUM) - Get Report
reported third-quarter earnings of $2.32 a share, which includes gains of 31 cents a share. Sales rose 9% to $8.42 billion, and the company increased its full-year earnings forecast to $6.40 to $6.50 a share. Wall Street had projected third-quarter earnings of $1.66 a share and full-year earnings of $6.42 a share.
McKesson
(MCK) - Get Report
said it will buy cancer treatment company
U.S. Oncology
for roughly $2.16 billion.
In commodity markets, the December crude oil contract added 79 cents to trade at $82.22 a barrel. Meanwhile, the December gold contract gained $6.50 to $1,364.10 an ounce.
The dollar traded lower against a basket of currencies, with the dollar index down by 0.07%, and the benchmark 10-year Treasury note strengthened 2/32, diluting the yield to 2.598%.
--Written by Melinda Peer in New York
.
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
