Futures Rise Slightly on Hopes of Fed Easing
U.S. stock index futures pointed to a slightly higher open Monday as prospects for further monetary easing from the Federal Reserve rose in the wake of a disappointing jobs report Friday.
The U.S. Treasurys market is closed Monday for the Columbus Day holiday, but stock markets will be open.
Stocks ended higher Friday with the Dow Jones Industrial Average closing above the psychologically important 11,000-level for the first time since early May.
European stocks rose, tracking Friday's gains in the U.S. and Asian stocks ended higher, as the Shanghai market jumped 2.5 percent.
At 2 p.m., Fed Vice-Chairman Janet Yellen will speak on monetary policy at the National Association for Business Economics annual meeting in Denver, Colorado.
Over the weekend, Kansas City Federal Reserve Bank President Thomas Hoenig said that higher capital standards were needed to ensure the banking industry was able to provide stable growth in the future.
And tougher rules on bank dividends were needed to stop excessive payouts during times of financial stress, Boston Federal Reserve Bank President Eric Rosengren said.
There is no economic data scheduled for Monday.
In corporate news, Microsoft will release line of smartphonesrunning its Windows software on Monday, to compete against Apple's iPhone and Google'sAndroid system.
U.S. professors Peter Diamond and Dale Mortensen and British-Cypriot citizen Christopher Pissarides won the Nobel Prize for economicsfor their work analyzing the process of buying and selling and unemployment.
The prices of oil remained near multi-month highs and gold hovered near its recent all-time peaks as the dollar continued its decline against other major currencies.
On Tap For Next Week:
MONDAY: Blackberry suspension goes into effect in UAE; Microsoft Windows phone launch; Nobel prize in economics; NY Fed Pres Dudley Speaks
TUESDAY: NFIB small biz index; employment trends index; employment optimism index; Kansas City Fed Pres Hoenig speaks; CFTC hearing on high frequency trading and flash crash; 3-year note auction; FOMC meeting minutes; P&G shareholder meeting; Earnings from Intel and CSX
WEDNESDAY: Weekly mortgage applications; import & export prices; 10-year note auction; Richmond Fed Pres Lacker speaks; Earnings from JPMorgan
THURSDAY: International trade; PPI; weekly jobless claims; oil inventories; 30-year bond auction; Minnesota Fed Pres Kocherlakota speaks; OPEC meeting; Earnings from Google and AMD
FRIDAY: Atlanta Fed Pres Lockhart speaks; Bernanke speaks; CPI; retail sales; Empire State mfg survey; consumer sentiment; credit card default rates reported; Earnings from GE and Mattel
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