Stocks set to open higher after strong holiday weekend sales; manufacturing report awaited.
December 1, 2003: 7:50 AM EST
NEW YORK (CNN/Money) - All signs point to a successful start to the holiday shopping season, and that looks likely to start some stock buying when U.S. trading begins Monday.
At 7:50 a.m. ET, futures pointed to a higher open for the major indexes.
The first reports from the nation's retailers indicate a strong Thanksgiving weekend. Wal-Mart Stores (WMT: Research, Estimates), the No. 1 retailer, said its Black Friday sales were up 6.3 percent from a year earlier, at a record $1.52 billion. Visa, the credit card service, said credit and debit sales for the first two days of the weekend were up 12 percent, while retail tracking service ShopperTrak told of a 4.8 percent increase.
Among U.S. stocks in Europe, Wal-Mart shares were higher.
The numbers are important to determine if consumers are ready and willing to push economic growth into the new year. Some retail observers have predicted the best season in recent years, but others say the weak employment picture may put a damper on sales.
On the economic front, the Institute of Supply Management's November report on manufacturing will give a peek at how well any recovery is going. Economists surveyed by Briefing.com expect the index to hold at October's 57 level.
The report is due after the markets open, as is one on October's construction spending. That's expected to show a 0.5 percent gain, weaker than September's 1.3 percent increase.
Walt Disney (DIS: Research, Estimates) will be among the stocks to watch Monday after a turbulent weekend for Mickey and company. The media company confirmed that Roy Disney, the vice chairman and nephew of founder Walt Disney, has resigned. Published reports indicate that Disney has called on chairman Michael Eisner to step down as well, saying Eisner has misled the company over the past seven years.
Amid the boardroom turmoil, the company's big holiday season film -- the Eddie Murphy comedy "The Haunted Mansion" -- finished second in the weekend box office to Vivendi Universal (V: Research, Estimates)'s "The Cat in the Hat."
Disney shares were slightly higher in European trading.
The Dow Jones industrial average begins the final month of 2003 at 9,782.46 after gaining less than 3 points in Friday's holiday-shortened session. The Nasdaq composite index is at 1,960.26 after a nearly 7 points advance. So far this year, the Dow is 17 percent higher while the Nasdaq is 47 percent ahead.
Asian-Pacific stocks ended mostly higher Monday, with the 3 percent gain in Tokyo's Nikkei index powered by tech issues. European markets rallied in early trading. (Check the latest on world markets)
The dollar touched a record low against the euro overnight, but then rebounded a bit; the euro remained above the $1.20 mark. Market participants are concerned about the trade deficit and the continuing difficulty the United States faces in Iraq. The U.S. currency was slightly lower versus the yen.
Treasury prices were little changed, with the 10-year note yield at 4.33 percent.
Brent oil futures slipped 23 cents to $28.22 a barrel in London, with gold higher at about $398 an ounce.
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