NEW YORK (TheStreet) -- After last week's steep selloff that saw the Dow Jones Industrial Average plunge into the red for the year, U.S. stock futures were indicating that the broader market will resume its climb Monday.
Dow futures were gaining 48 points, or 38.63 points above fair value, to 16,464. S&P 500 futures were rising 6.75 points, or 5.9 points above fair value, to 1,925.25. Nasdaq futures were advancing 10.7 points, or 11.93 points above fair value, to3,884.
U.S. stock markets returned to calm Friday as risk-off sentiment evaporated on a jobs number that was not too cold and not too hot.
The outlook continued to improve Monday on the surprise central bank rescue of Portugal's Banco Espirito Santo. European markets were nudging higher after the Lisbon government said BES would be split into a good bank and a bad bank. The good bank would be put up for sale for early repayment of a Treasury loan, and junior creditors would be "bailed in" -- meaning it is they, and not senior creditors or taxpayers -- who will take the losses. The rescue will be funded from money left over from Portugal's European Union and International Monetary Fund bailout during the financial crisis, which the country exited earlier this year. BES shares are still suspended from trading.
Global luxury retailer Michael Kors (KORS) was surging 12.55% to $91.97 in premarket trading after revenue jumped 43.4% to $919.2 million vs. the consensus estimate of $851.7 million. The company's first-quarter earnings increased 49.2% to 91 cents a share, beating the average analyst's estimate of 81 cents a share.