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Wall Street looks to January's ISM report; futures mildly higher

U.S. stock-index futures posted modest gains on Monday, ahead of the publication of January's manufacturing ISM (Institute for Supply Management) index.

The index, which tracks monthly changes in manufacturing activity, will be published at 10 a.m. ET. Economists polled by Reuters forecast the index fell to 56.0 in January, down from 56.5, suggesting continued expansion but at a slower rate than in December.

"This would leave the index slightly below its six-month moving average of 56.4, but would still be firmly in expansionary territory and suggest a solid start to the year for manufacturing activity growth," Barclays analysts Rohit Arora and Aroop Chatterjee in a morning research note.


Other macroeconomic data due on Monday include December's construction spending at 10 a.m. and auto and trucks sales for January at 2 p.m.

This week will be the last busy one for fourth-quarter earnings, with 86 S&P 500 components expected to post earnings, plus two Dow-listed companies.

Companies reporting before Wall Street opens on Monday include marketing and distribution company Sysco.

In other, news, Janet Yellen will be officially sworn in as Fed chair on Monday. Plus, the Treasury officially hits its debt ceiling limit on Friday. However, the treasury secretary will resort to extraordinary measures to push the funding deadline until sometime late in February, while Congress debates when and how to increase the debt limit.

European and Asian shares continued to sell-off on Monday, after data released over the weekend showed Chinese factory growth slumped to a six-month low in January. China's official PMI (Purchasing Managers' Index) fell to 50.5 from December's 51.0, heightening worries of an economic slowdown.

(Track: Asian shares with CNBC)

—By CNBC's Katy Barnato

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