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The Purchasing Managers' Index (PMI) from the Institute of
Supply Management is expected to show that factory activity
expanded in September after having contracted in August.
Oil prices were trading above $50, but came off session highs as
investors assessed the impact of an OPEC deal to curb output.
[O/R]
Investors are also on the lookout for news from Deutsche Bank,
which is working to reach a settlement with U.S. authorities who
have demanded a fine of up to $14 billion from the bank for mis-selling
mortgage-backed securities.
While the bank's Frankfurt-listed stock <DBKGn.DE> was not
trading due to a public holiday, its U.S.-listed shares <DB.N>
were down 0.92 percent at $12.98 in premarket trading on Monday.
Wall Street rallied on Friday as a surge in Deutsche Bank lifted
financial stocks after French news agency AFP reported that the
bank was nearing a $5.4 billion settlement agreement with U.S.
officials.
The travails of Germany's biggest lender has unsettled investors
who are now awaiting third-quarter corporate earnings and the
upcoming U.S. presidential election.
"It looks like a quiet start to the day and that's not
surprising," said Art Hogan, chief market strategist at
Wunderlich Equity Capital Markets in New York.
"It's a back-end loaded week with jobs numbers on Friday, but if
we get a positive read on ISM manufacturing, we could say that
August was a blip and that will be constructive for the markets
today."
A report on monthly hiring activity on Friday will be assessed
by investors as it will play a big role in the Federal Reserve's
decision on raising interest rates this year.
Dow e-minis <1YMc1> were up 3 points, or 0.02 percent at 8:28
a.m. ET, with 12,911 contracts changing hands.
S&P 500 e-minis <ESc1> were down 3.25 points, or 0.15 percent,
with 96,772 contracts traded.
Nasdaq 100 e-minis <NQc1> were down 5.5 points, or 0.11 percent,
on volume of 13,657 contracts.
Automakers would be in focus on Monday as they report monthly
sales numbers. Analysts predict U.S. auto sales to have edged up
to 17.30 million in September from 16.98 million in August.
Tesla shares <TSLA.O> rose 3.7 percent to $211.60 after the
electric carmaker said third-quarter deliveries rose by 70
percent to 24,500 cars.
Ebay <EBAY.O> fell 2.74 percent after Facebook <FB.O> launched a
rival platform where users can buy and sell items. Facebook's
shares were little changed.
Cabela's <CAB.N> surged 16.3 percent to $63.90 after the company
said it would be acquired by Bass Pro Shops in a deal valued at
about $5.5 billion.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Anil D'Silva)
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