NEW YORK (TheStreet) -- U.S. stock index futures were drifting higher Tuesday as investors return from the U.S. labor day weekend to begin September, which historically is considered the "worst" month of the year for markets.
The August government nonfarm payrolls report, the August ISM manufacturing composite index, and the European Central Bank's meeting on Thursday are among the economic events on tap for the week.
Dow Jones Industrial Average
U.S. markets closed just slightly higher on Friday, capping four straight weekly gains and booking their best August since 2000, despite the geopolitical concerns weighing on the markets. The close also marked the biggest monthly gain since February. The S&P 500 hit a new closing high.
"While some clients remain focused on the Fed and the tapering process, we have long pointed to EPS growth as justification for higher stock prices ... following an earnings season in which EPS grew by roughly double-digits," said Dan Greenhaus, chief strategist at BTIG.
European and Asian markets were generally in a cautiously positive mood Tuesday morning, generally from hoped-for government or central bank attempts to arrest underlying economic decline. In the eurozone, the attention was squarely focused on Thursday's meeting of the ECB and hopes of moves toward a policy of quantitative easing.