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US stocks to assess weather impact on more data

Monday, 24 Feb 2014 | 9:05 AM ET

U.S. stock-index futures pointed to a higher open on Monday, ahead of a quiet day for both earnings and economic data.

Stock futures retained modest gains after a preliminary index of service sector activity fell to 52.7 in February from 56.7 the month before.

"Weather effects will probably be the main factor behind another run of weak economic news this week," warned Capital Economics' Paul Dales in a research note.

European stocks followed their Asian counterparts lower early on Monday, after shares in China fell on reports that Chinese banks have started to cut back on loans to property-related industries.

(Track: European stocks live)

In addition, data from China – the world's second-largest economy – showed new home price growth slowed for the first time in 14 months in January.

In eastern Europe, Moscow-backed Viktor Yanukovych was ousted from the presidency over the weekend and a warrant for his arrest was issued on Monday. Oeksander Turchinov has been given the role of acting president.

(Read more: Ukraine's ousted president wanted for mass murder)

The new leadership has pledged to put the country back on course for European integration.

U.S. stocks were largely flat over the past week. The Dow fell 0.3 percent to 16,103, and the S&P 500 was down 0.1 percent at 1,836. Nasdaq was up 0.5 percent at a new 13-year high of 4,263, but the small-cap Russell 2000 led the pack, up 1.3 percent to 1,164.

—By CNBC's Katy Barnato

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