Stock index futures pointed to a sharp rise to kick the month off Monday, following a third-consecutive losing January.
Dow component ExxonMobil helped push futures higher as the company issued earnings of $1.27 a share that beat Wall Street estimates of $1.19. Its shares immediately gained 1.4 percent in premarket trading after the release.
Futures held their gains following a government report showing modest increases in personal spending and income that were nonetheless in line with analyst expectations.
Markets in Europe and Asia were less enthusiastic with mixed trading.
And Wall Street will be staring directly in the face of what many considered America's biggest financial problem: the budget deficit. President Obama will speak on his newly-proposed budget at 10:45 am New York time, which will project a $1.6 trillion deficit this year.
Investors will also have other economic reports to digest Monday morning. At 10 am the Institute For Supply Management will be out with its monthly manufacturing index, expected to remain well over the 50 mark that represents the dividing line between expansion and contraction. There will also be December construction spending numbers at 10 am.
There will also be quarterly numbers from Gannett, Humana, and Sysco.
Toyota is officially announcing its fix for its widely publicized gas pedal problem this morning, involving a shim that increases the tension on the pedal, thereby making it more difficult for it to stick.
The Wall Street controversy over bonuses is likely to accelerate, with the Financial Times reporting that Goldman SachsCEO Lloyd Blankfein could get a bonus of up to $100 million for 2009. Other securities industry news involves Morgan Stanley, which reportedly plans to hire several hundred traders over the next few years.
Amazon.com was forced to give in to publisher Macmillan in a dispute involving e-book pricing. Macmillan wants to charge up to $14.99 for e-book versions of best sellers while Amazon wants to hold the line at its current price of $9.99. Amazon shares fell 0.7 percent in premarket trading.
UBS is also a stock to watch after the Swiss Justice Minister said the Swiss economy will suffer if the bank collapsed as a result of its unresolved U.S. tax dispute.
- Written by Peter Schacknow, Senior Producer, CNBC Breaking News Desk.