Futures show strength as investors await ISM manufacturing report, other economic figures.
March 1, 2004: 6:40 AM EST
NEW YORK (CNN/Money) - Wall St.'s bulls could begin March like lions Monday, with futures showing strength as investors await several economic reports, including a key one on manufacturing.
At 6:35 a.m. ET, Nasdaq and S&P futures were moderately higher, but off their overnight peaks.
The big number of the day is the ISM report on manufacturing activity, scheduled for release after trading begins. Economists surveyed by Briefing.com expect the index to decline to 62 in February from 63.6 a month earlier. That would still reflect expansion in the sector, although not quite as robust.
Before the open, the government's report on personal income is expected to show a rise of 0.5 percent for January, stronger than the 0.2 percent gain in December. Personal spending is seen climbing 0.3 percent, compared with a 0.4 percent rise a month earlier.
After trading begins, the January report on construction spending, with economists seeing a 0.3 percent gain, less than the 0.4 percent increase in the prior month.
Monday is the markets' first chance to react to late Friday comments from Fed Chairman Alan Greenspan, who said a slowdown in productivity needed to help boost job growth may already be occurring. Greenspan responded to questions after addressing a forum in Stanford, Calif.
For details of Friday's activity, click above
The markets had a mixed February, with the Dow Jones industrial average slightly higher and the Nasdaq composite index down for the first time since September. There was little movement in the major indexes Friday (see chart for details).
Asian-Pacific stocks could provide a lift to their U.S. counterparts after Tokyo's Nikkei index rallied 2.1 percent to their best close since June 2002. European markets rose in early trading. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Time Warner (TWX: Research, Estimates) slipped nearly 1 percent. The media company, parent of CNN/Money, was the big winner at Sunday's Academy Awards presentation with 13 victories as its New Line Cinema unit's "The Lord of the Rings: Return of the King" tied for the most Oscars ever with 11.
Intel (INTC: Research, Estimates) shares slid more than 1 percent after J.P. Morgan lowered the world's No. 1 chipmaker to "neutral" from "overweight." Rival Advanced Micro Devices lost nearly 3 percent as J.P. Morgan lowered it to "underweight" from "neutral."
Treasury prices fell in early trading, sending the 10-year note yield up to 3.99 percent from 3.97 percent late Friday. The dollar strengthened against the euro but was little changed against the yen.
Brent oil futures gained 16 cents to $32.39 a barrel in London. Gold was higher, but remained under $400 an ounce.
O Clubeinvest.com informa que nenhuma da informação
aqui facultada deverá ser entendida como conselho ou recomendação
de qualquer tipo de transacção ou investimento.
