NEW YORK (TheStreet) -- Stock futures were setting up for a healthy bounce on Monday after the S&P 500 and Dow Jones Industrial Average fell more than 3% last week.
S&P 500 futures added 0.82%, Dow futures were up 0.61%, and Nasdaq futures jumped 0.89%.
Futures resisted moving lower after a fresh selloff in Brent and West Texas Intermediate crude prices overnight. WTI fell below $57 after secretary general of OPEC, Abdallah Salem el-Badri, said the oil cartel would not cut output even if oil falls below $40 a barrel.
West Texas Intermediate was recovering slightly on Monday, up 0.64% to $58.18 a barrel.
November industrial production data will be released shortly before market open. Economists expect an increase of 0.7% month on month, compared to a decline of 0.1% in October.
China's central bank said Monday that its economy could slow to 7.1% next year compared to a forecast 7.4% this year, a result of its flagging property sector. Third-quarter GDP came in at 7.3%, a five-year low. China's Shanghai Composite was unperturbed, closing 0.52% higher.
PetSmart (PETM) shares spiked more than 4% before the bell on news it had agreed to be acquired by a group of private-equity investors led by BC Partners. The acquisition is valued at $8.7 billion, or $83 a share.
Apple (AAPL) shares added 0.84% as the company readies itself for a court appeal of the judgment in its e-book price-fixing case. Apple argues its moves into the e-book market led to lower price levels and inspired innovation.
-- Written by Keris Alison Lahiff in New York.