US Stocks Seen Higher as Markets Eye Election
U.S. stock index futures indicated a positive start to trading on Wall Street on Monday, with investors cautious ahead of Tuesday's tightly fought U.S. presidential election.
European markets were lower in early trade on Monday, with investors also concerned as to whether the Greek government's new austerity bill, on which the country's next bailout is dependent, will pass through parliament.
In the U.S., the Institute for Supply Management's (ISM) non-manufacturing index, which tracks monthly changes in the services sector, is due at 10 a.m. Economists polled by Reuters predict activity increased in October, although the pace of growth is expected to have slowed from 55.1 to 54.5. A reading above 50 indicates a sector expansion.
Humana reported a lower quarterly profit but said its results were better than it had expected. The health insurer also struck a deal to acquire Florida-based Metropolitan Health Networks which serves Medicare and Medicaid members.
Time Warner Cable, meanwhile, missed forecasts for the quarter, as declining video subscribers offset growing demand for its high-speed internet services.
Coming Up This Week:
MONDAY: ISM non-mfg index; Earnings from Toyota, Humana, Time Warner Cable, Transocean, Zillow
TUESDAY: 3-Yr note auction, ELECTION NIGHT; Earnings from Nissan, CVS Caremark, NYSE Euronext, Office Depot, News Corp
WEDNESDAY: Weekly mortgage apps, oil inventories, 10-yr note auction, consumer credit, Coach shareholders mtg, Oracle shareholders mtg; Earnings from Macy's, Sodastream, Qualcomm, Activision Blizzard, CBS, Monster Beverage, Whole Foods
THURSDAY: International trade, jobless claims, 30-yr bond auction, Kellogg analyst day, 3M investor mtg, OPEC press conference; Earnings from Dean Foods, Wendy's, Disney, Groupon, Nordstrom, Nvidia, Kayak, Zipcar
FRIDAY: Import/export prices, consumer sentiment, wholesale trade; Earnings from JCPenney