Futures Flat After Jobs-Induced Rally
U.S. stock index futures pointed to a flat higher open for Wall Street Monday, with investors cautious after last week's rally caused by better-than-expected nonfarm payrolls data.
Last week, Wall Street stocks turned in their best performance since early January, up 2.3 percent for the week.
In corporate news, American International Group is nearing a deal to sell its foreign life insurance unit to MetLife for around $15 billion in cash and stocks, sources familiar with the matter told Reuters. The deal would mean AIG will get a stake of over 20 percent in MetLife , the sources said.
AIG shares gained 2.8 percent in premarket trading while MetLife surged 4.3 percent.
Asian stocks finished Monday higher, boosted by Friday's U.S. jobs report, but European shares were largely flat in mid-morning trade, with banks offsetting losses posted by pharmaceutical companies.
A survey of business economists by the National Association of Business Economists shows that most expect the Federal Reserve to hike its benchmark interest rates in six months by between a quarter and a half percentage points.
There are no major economic reports due Monday, and investors are likely to focus on Greek and Middle Eastern debt news, as well as on China's comments on the yuan for the macroeconomic picture.
Cablevision and WABC announced that they finally made enough progress to put the Oscars on the air 15 minutes into the Academy Awards presentation Sunday. The station went dark at 12:01 am Sunday morning when the two companies' contract expired.