(RTTNews) - U.S. stocks futures point to a higher opening Monday morning as traders renew optimism about growth prospects after the market declined in the previous trading session on Friday despite better economic data and positive earnings from Microsoft.
With no economic data slated for release during the day, traders are likely to digest earnings results and take an optimistic view about recovery prospects. Positive trading in world markets, as well as optimism relayed by the results of a NABE survey might also impact market sentiment.
As of 6.15 am ET, the Dow futures were up 33.00 points, the S&P futures were up 4.50 points, and the tech-heavy Nasdaq 100 futures were up 7.75 points.
The results of a new survey conducted by the National Association for Business Economics, or NABE, released earlier in the day revealed that industry demand increased for the first time in five quarters in the recently concluded third quarter and many of the 78 respondents for the survey said that they are contemplating increase in capital spending and hiring over the next two quarters.
Earlier in the day, online media company Sohu.com Inc. (SOHU) reported a drop in net profit available to shareholders from last year, as net income attributable to the company's non-controlling interest in online game maker Changyou.com (CYOU) increased from the year-ago period.
Earnings will be in traders' focus as the earnings season gains momentum. A slew of energy and utility companies are scheduled to release earnings this week.
Verizon Communications Inc. (VZ), telecommunications networking products supplier Tellabs Inc. (TLAB), book publisher McGraw Hill Companies (MHP), specialty glass and ceramics products maker Corning Inc. (GLW), Radio Shack Corporation (RSH) and National Oilwell Varco (NOV) are among the major companies slated to release the earnings results before the market opens for trading.
After the markets close for trading, Flextronics (FLEX), Health Management Associates Inc. (HMA), W.R. Berkley (WRB) and VF Corp. (VFC) are among the major companies that would be reporting their quarterly report cards.
Oil Light sweet crude oil price for December delivery is presently quoted at $80.19 a barrel, down $0.31 from its previous close of $80.50 a barrel in New York on Friday.
Dollar The U.S. dollar is presently trading mixed against the major currencies. The dollar is gaining against the yen, falling against the Pound and gaining against the yen and the pound, but falling against the euro.
