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Investors have been keeping a sharp eye on data after the U.S.
Federal Reserve held monetary policy steady last week, and gave
no signals that it was in a hurry to tighten further.
Economists polled by Reuters expect two increases this year but
futures prices show traders do not expect rates to rise until
late 2016, according to CME Group's FedWatch.
Wall Street closed lower on Friday, with U.S. stocks marking
their largest weekly drop in more than two months as corporate
earnings continued to disappoint.
"I suspect for some stability to come in after the selloff in
the last couple of days," said Andre Bakhos, managing director
at Louisville, Kentucky-based Janlyn Capital.
"Everyone is looking for doom and gloom, and we may get it at
some point, but for the moment, it appears that there is a
predisposition to buying."
Oil prices retreated from the year's highs as rising production
in the Middle East outweighed a decline the United States. [O/R]
Data released on Sunday showed China's manufacturing sector
expanded marginally in April, missing estimates and raising
doubts about the sustainability of a recent pick-up in the
country's economy.
S&P 500 e-minis <ESc1> were up 6 points, or 0.29 percent, with
141,908 contracts traded at 8:18 a.m. ET. Nasdaq 100 e-minis
<NQc1> were up 9.5 points, or 0.22 percent, on volume of 21,453
contracts. Dow e-minis <1YMc1> were up 42 points, or 0.24
percent, with 17,736 contracts changing hands.
The ISM purchasing managers' index is expected to have slipped
to 51.4 percent in April from 51.8 percent in March. The data is
expected at 09:45 a.m. ET.
The Commerce Department's construction spending report is likely
to show outlays rebounded 0.5 percent in March after dropping by
the same percentage in February. The data is expected at 10:00
a.m. ET.
Atlanta Fed President Dennis Lockhart is scheduled to speak at
the Federal Reserve Bank of Atlanta Financial Markets conference
in Amelia Island, Florida at 8:50 a.m. ET and San Francisco Fed
President John Williams will speak at the Milken Institute 2016
Global Conference in Beverly Hills at 5:30 p.m. ET.
Baker Hughes <BHI.N> shares fell 0.4 percent to $48.15 in
premarket trading after the company said it would buy back stock
and repay debt after the company and larger rival Halliburton <HAL.N>
scrapped a deal to merge. Halliburton shares rose 1.06 percent
to $41.75.
Apollo Education <APOL.O> was up 12.6 percent at $8.78 after a
group of investors raised their offer to $1.14 billion to buy
the for-profit education provider.
GNC Holdings <GNC.N> rose 6.7 percent at $26 after the
nutritional supplements company said it was exploring strategic
alternatives.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Anil D'Silva)
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