NEW YORK (TheStreet) -- Stock futures were leaning toward a flat to higher open Monday as investors digested the sharp run-up of equities during the prior week and the discussions of sweeping economic and social reforms in China.
The detailed list of reforms under discussion in Beijing that began leaking out Friday addressed head-on an expansive list of issues ranging from financial markets and legal reforms, loosening up the one-child policy, and state-owned enterprises.
Futures for the S&P 500 were rising 1.75 points, or 0.17 points above fair value, to 1,795.25 while futures for the Dow Jones Industrial Average were up by 35 points, or 24.30 points above fair value, to 15,948. Nasdaq futures were adding 3.3 points, or 1.07 points above fair value, to 3,419.80.
Boeing (BA) shares were popping more than 3% to $140.60 in premarket trading after the company netted about $100 billion in orders during the first day of the Dubai Airshow. The aerospace giant's orders totaled more than twice the value of those of its European rival Airbus, which said it took 142 orders worth about $40 billion. Emirates ordered 150 of Boeing's planned 777X aircraft in a deal worth $55.6 billion. Software maker Salesforce.com (CRM) was gaining 1.2% to $58. The company is expected by analysts on Monday to report third-quarter earnings of 9 cents a share on revenue of $1.06 billion. Major U.S markets reached new record highs Friday on expectations Federal Reserve Vice Chair Janet Yellen, tipped to be the next central bank chief, will maintain current monetary policy until economic data shows solid improvement. Tepid industrial production data today reinforced a mixed-economic outlook. Investors will be able to tap into further clues on the Fed's stimulus timeline throughout the week. The economic calendar Monday includes the November National Association of Home Builders Housing Market Index, which will be published at 10 a.m. EST.
New York Federal Reserve Bank President William Dudley is expected to speak at 12:15 p.m., and Philadelphia Fed President Charles Plosser is scheduled to give a speech at 1:30 p.m. Both will talk about the economy. Fed Chairman Ben Bernanke is slated to speak in Washington Tuesday evening, followed by the October Fed minutes on Wednesday and weekly initial jobless claims numbers on Thursday. The Hang Seng China Enterprises Index, or the H-share index, surged 5.7% to 11,307.33 after UBS strategists bolstered their recommendation on China H-shares to "overweight" from "neutral" following the announcements from Beijing. Hong Kong's Hang Seng closed with gains of 2.73% to 23,660.06 on a nearly tripling of its 30-day average volume. The Nikkei 225 in Japan finished flat on profit-taking after charging to a six-month high of 15,273.61. The DAX in Germany increased 0.48% and the FTSE in London rose 0.29%. The 10-year Treasury was unchanged with the yield at 2.707%. The U.S. dollar index was down 0.14% to $80.73. December oil futures were off 44 cents to $93.40 a barrel. Gold for December delivery were down $3.90 to $1,283.50 an ounce. -- Written by Andrea Tse
No comments:
Post a Comment