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Wall Street seen higher after last week's rout

U.S. stock-index futures traded higher Monday, taking their lead from Europe and showing signs of recovery following last week's global stock-market rout.

Michael Kors Holdings reported better-than-estimated quarterly results, as did Berkshire Hathaway.

The benchmark S&P 500 posted its worst weekly drop in more than two years last week, after payrolls data showed that 209,000 jobs were created in July and the jobless rate rose to 6.2 percent.

Data out over the weekend showed growth in China's services sector hit a six-month low in July.

However, shares in both Asia and Europe were boosted following the news that Portugal will spend $6.6 billion to rescue troubled lender Banco Espirito Santo and split it into a "good" and "bad" bank. Plus, Israel declared a humanitarian truce for seven hours on Monday after its attack on another United Nations-run school over the weekend prompted international criticism.

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About 360 S&P 500 companies have reported so far, with the earnings per share (EPS) beat-to-miss ratio standing solid at 77:23, according to Deutsche Bank. Sales performance has been more subdued, with 65 percent of companies beating expectations.

Following last week's roller coaster data ride, we have the usual post-payrolls lull in the coming days. The focus will probably turn to Europe, with the European Central Bank's and Bank of England's policy meetings on Thursday the key highlights.

In the U.S., we will get the ISM services and factory orders on Tuesday, trade data on Wednesday, the usual jobless claims on Thursday, and wholesale inventories on Friday.

Away from the West, we will get the final HSBC China Services PMI for July on Tuesday and Chinese Trade data on Friday.

The U.S. Treasury is expected to announce $66 billion in refunding debt supply on Wednesday. There are no Treasury auctions scheduled this week.

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