Stock futures higher; factory orders ahead MADRID
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Stock futures higher ; factory orders ahead
MADRID (MarketWatch) — U.S. stock market futures pointed to a firmer open for Wall Street on Monday, but investors remained wary ahead of key employment figures due later in the week that could be a deciding factor for when the Federal Reserve decides to taper its bond-buying program.
For Monday, factory orders are due, and investors will be scouring a positive piece of data out of China. Kellogg Co. is also due to report ahead of the opening bell.
Futures for the Dow Jones Industrial Average (CBE
JZ3) rose 35 points to 15,576, while those for the S&P 500 index (GLC:SPZ3) gained 4 points to 1,758.70. Futures for the Nasdaq 100 index (GLC:NDZ3) added 13 points, or 0.4%, to 3,381.
Investors are waiting on big data to come later in the week: Third-quarter growth statistics and the key October nonfarm-payrolls report. Ahead of that on Monday, factory orders for September are due at 10 a.m. Eastern Time, with a consensus forecast for a 1.7% rise versus a 2.4% drop in July, according to economists polled by MarketWatch.
“The market’s Kryptonite is early taper talk at the moment, and this first full week of November has the potential for it to be hurled at it from all directions with no shortage of U.S. economic data on the agenda, including the all-important October payrolls report and the advanced estimate of Q3 GDP,” said Jim Reid, strategist at Deutsche Bank, in a note.
Reid said there were some signs of risk being taken off the table already, given the softer emerging-markets equities, fixed income and currencies seen overnight.
A handful of Federal Reserve speakers are scheduled for Monday, such as St. Louis Fed President James Bullard, who is due to talk to CNBC at 7 a.m. Eastern Time. Bullard is a voting member of the Fed’s policy-making committee.
At 11:40 a.m. Eastern, Fed Governor Jerome Powell will speak on Fed policy and emerging markets at a conference in San Francisco.
Then at 2 p.m. Eastern, Boston Fed President Eric Rosengren, who is also a voting member of the Fed’s policy-making committee, is due to speak on the economy at the University of Massachusetts in Boston. http://www.marketwatch.com/story/stock-future...atest_news
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