NEW YORK (AP) -- U.S. stock market futures rose Monday, following
European markets higher, as investors cautiously welcomed the result of
stress tests of Spain's banks and a slight improvement in a survey of
the eurozone's manufacturing sector.
After the markets posted a decline on Friday
but remained higher for the week, U.S. investors were awaiting the
release of two measures of economic activity: The Commerce Department
was set to report increased spending on construction projects in August
at 10 a.m., after July showed the biggest drop of the year.
At the same time, the Institute for Supply
Management is slated to release its manufacturing index for September,
which is expected to stay unchanged at 49.6. Readings above 50 indicate
expansion and below 50 signal contraction.
Traders are also awaiting a speech by Federal Reserve Chairman Ben Bernanke on monetary policy.
Dow Jones industrial average futures added 72
points at 13,427. The broader Standard & Poor's 500 futures gained
6.6 points to 1,440.80. Nasdaq futures shot up 28 points at 2,807.8.
Casting a shadow over markets overseas was a
possible downgrade by credit rating agency Moody's of Spain's debt
rating to junk status.
Germany's DAX stock index rose 1.3 percent and
France's CAC-40 was up 1.65 percent. Britain's FTSE 100 rose 1 percent
while Spain's Ibex was up 1.2 percent.
In Asia, markets in China, Hong Kong and South
Korea were closed for holidays. In Tokyo, Japan's Nikkei 225 index fell
after a survey showed confidence in the economy weakening.
U.S. stocks to watch Monday include Citigroup
Inc., which added 28 cents to $33 in premarket trading despite a
downgrade to "Neutral" by a Sterne, Agee analyst.
Hamburger chain Wendy's Co. also saw a rating
cut, to "Neutral" from "Buy," from Janney Capital Markets. Shares were
unchanged at $4.52 in premarket trading.
And Johnson & Johnson added 9 cents in
early trading to $68.91 as a new anticlotting drug was set to come under
scrutiny by a panel of outside advisers to the Food and Drug
Administration, two days after a negative review by staff. If approved,
the drug is expected to be a blockbuster.
Source : Yahoo Finance
