Investing.com – U.S. stock futures pointed to a higher open on Monday, but pared earlier gains after a report showed that the New York Federal Reserve’s index of manufacturing conditions remained in negative territory for the third consecutive month in August.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a gain of 0.4%, the S&P 500 futures rose 0.35%, while the Nasdaq 100 futures edged 0.1% higher.
Stock futures pared earlier gains after official data showed that an index of manufacturing conditions in New York State fell by 3.9 points to minus 7.7 in August from minus 3.8 in July. Analysts had expected the index to improve to minus 0.4 in August.
Futures were higher after data showed that Japan’s economy contracted less-than-expected in the second quarter, signaling the country is rebounding from March’s earthquake disaster at a faster rate than expected.
Japan’s gross domestic product shrank by 0.3% in the second quarter, or 1.3% on an annualized basis. Analysts had expected Japan’s economy to contract by 0.9% in the quarter, or 2.5% on an annualized basis.
Meanwhile, shares in the beaten-up financial sector continued to recover from steep declines last week. Bank of America saw shares climb 2.9% in pre-market trade, Citigroup shares added 1.65%, while JP Morgan advanced 1%.
Bank of America shares found further support after the lender said it planned to sell its credit card business in Canada to TD Bank Group and will exit its card business in the UK and Ireland as well.
In deal news, Google agreed to acquire Motorola Mobility Holdings for approximately USD12.5 billion, an acquisition that would make the online giant more competitive in the mobile-computing market.
Google shares slipped 2.6% on the news, while Motorola Mobility shares soared 58.5%.
In earning news, Lowe’s Companies saw shares slump 2.85% after reporting lower-than-expected second quarter earnings results.
Across the Atlantic, European stock markets were broadly higher, but off the session highs as better-than-expected Japanese economic data helped ease fears over the global economic outlook, however worries over the euro zone’s debt crisis continued to weigh.
The EURO STOXX 50 rose 0.4%, France’s CAC 40 advanced 0.45%, Germany's DAX climbed 0.55%, while Britain's FTSE 100 added 0.35%.
During the Asian trading session, Hong Kong’s Hang Seng Index surged 3.05%, while Japan’s Nikkei 225 Index jumped 1.4%, as market sentiment recovered after better-than-expected Japanese economic data and strong U.S. retail sales figures helped ease fears over the global economy.
Later in the day, the U.S. was to publish a report on the balance of domestic and foreign investment in the U.S.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a gain of 0.4%, the S&P 500 futures rose 0.35%, while the Nasdaq 100 futures edged 0.1% higher.
Stock futures pared earlier gains after official data showed that an index of manufacturing conditions in New York State fell by 3.9 points to minus 7.7 in August from minus 3.8 in July. Analysts had expected the index to improve to minus 0.4 in August.
Futures were higher after data showed that Japan’s economy contracted less-than-expected in the second quarter, signaling the country is rebounding from March’s earthquake disaster at a faster rate than expected.
Japan’s gross domestic product shrank by 0.3% in the second quarter, or 1.3% on an annualized basis. Analysts had expected Japan’s economy to contract by 0.9% in the quarter, or 2.5% on an annualized basis.
Meanwhile, shares in the beaten-up financial sector continued to recover from steep declines last week. Bank of America saw shares climb 2.9% in pre-market trade, Citigroup shares added 1.65%, while JP Morgan advanced 1%.
Bank of America shares found further support after the lender said it planned to sell its credit card business in Canada to TD Bank Group and will exit its card business in the UK and Ireland as well.
In deal news, Google agreed to acquire Motorola Mobility Holdings for approximately USD12.5 billion, an acquisition that would make the online giant more competitive in the mobile-computing market.
Google shares slipped 2.6% on the news, while Motorola Mobility shares soared 58.5%.
In earning news, Lowe’s Companies saw shares slump 2.85% after reporting lower-than-expected second quarter earnings results.
Across the Atlantic, European stock markets were broadly higher, but off the session highs as better-than-expected Japanese economic data helped ease fears over the global economic outlook, however worries over the euro zone’s debt crisis continued to weigh.
The EURO STOXX 50 rose 0.4%, France’s CAC 40 advanced 0.45%, Germany's DAX climbed 0.55%, while Britain's FTSE 100 added 0.35%.
During the Asian trading session, Hong Kong’s Hang Seng Index surged 3.05%, while Japan’s Nikkei 225 Index jumped 1.4%, as market sentiment recovered after better-than-expected Japanese economic data and strong U.S. retail sales figures helped ease fears over the global economy.
Later in the day, the U.S. was to publish a report on the balance of domestic and foreign investment in the U.S.