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.
Overseas markets including Germany and the U.K. were weak after the eurozone Purchasing Managers' Index indicated that business activity declined in France and Spain last month. The Shanghai Composite also fell even after the HSBC November PMI came in at 50.8, remaining in expansionary territory and up from the flash estimate of 50.4. That headline was offset by concerns that China's decision to put an end to a 14-month ban on IPOs might results in a sharp depletion of liquidity from currently-listed stocks.