Futures Edge Higher; Halliburton Jumps

U.S. stock index futures pointed to a higher open on Wall Street Monday, signaling a slight recovery from Friday's end-of-the-week selloff, despite a downgrade for Irish debt and concerns over Hungarian funding.

Friday's losses were the biggest since June 29, although the major averages are still about 3.3 percent higher for July.

But the market looked poised for a rebound off the big selloff, though futures were well off their morning highs.

Investors were largely unimpressed after earnings from toy maker Hasbro came in at 29 cents a share, a bit better than expected. Shares were flat in premarket trading.

Oil services provider Halliburton also surprised to the upside, posting an 83 percent jump in second-quarter profit though it could get hit later in the year from a ban on deepwater drilling in the wake of the Gulf of Mexico oil spill. Shares jumped 5.1 percent premarket.

Also on the earnings front, after-the-bell reports will include the latest numbers from IBM, Texas Instruments, and Zions Bancorp.

European shares struggled to make gains after Moody's downgraded Irish government bonds by one notch, to Aa2 from Aa1, due to a deteriorating economic outlook. Meanwhile, news that talks between Hungary and the IMF and EU over an existing assistance program broke down over the weekend also weighed on sentiment. Hungarian markets were hit hard by the news.

On the economic front, the National Association of Home Builders releases its monthly sentiment index at 10 am New York time, with economists looking for a reading of 16 in the monthly survey, down a point from June's reading of 17.


BP shares slid in London trading, on reports that engineers detected some seepage near BP's sealed oil well. For now, BP is being allowed to keep the well sealed while further tests are conducted. BP shares ended sharply lower in New York trading Friday and were off 1.3 percent in premarket trading.

At the Farnborough Airshow, Boeing secured an order from Emirates Airways for 30 777 jets with a potential value of more than $9 billion. And rival EADS unit, Airbus, received an order for 51 A320 jets from Air Lease Corp.

In other news, a survey by the National Association for Business Economics shows U.S. firms have increased their hiring plans to their highest level since January 2008.

And published reports say Motorola is close to selling its wireless equipment division to Nokia Siemens for $1.2 billion.

- Peter Schacknow, Senior Producer, CNBC Breaking News Desk, contributed to this report.