FOX Business: Capitalism Lives Here
U.S. stock-index futures climbed Monday as traders geared up for the first full trading week in three and braced for data on the American economy.
As of 8:00 a.m. ET, Dow Jones Industrial Average futures climbed 27 points, or 0.16%, to 16434, S&P 500 futures advanced 3.3 points, or 0.16%, to 1828 and Nasdaq 100 futures gained 3.3 points, or 0.09%, to 3534.
Wall Street kicked off the year on a tepid note last week, with the broad S&P 500 snapping a two-week winning streak. However, activity is expected to pick up this week as traders return to work from holiday vacations.
There are two key economic reports on the calendar. The Institute for Supply Management provides a reading on service-sector activity at 10:00 a.m. ET. Economists expect the PMI gauge to have risen to 54.5 in December from 53.9 the month prior.
At the same time, the Commerce Department is set to publish its latest reading on factory orders, which are forecast to have jumped 1.8% in November after slumping 0.9% in October. The gauge is a lagging indicator, but it provides a look at the American manufacturing sector.
Also on the economic front, Janet Yellen's confirmation hearing will be held in the Senate. Political analysts generally expect the Federal Reserve vice chair to be cleared and take over for chairman Ben Bernanke next month. Yellen is seen as dovish, and likely to continue Bernanke's aggressive monetary policies.
In corporate news, Men's Wearhouse (MW) made a cash tender offer to purchase rival Jos A. Bank (JOSB) for about $1.6 billion. This represents the continuation of what has been an epic takeover back-and-forth between the two men's apparel firms.
T-Mobile US (TMUS) said it would buy some Verizon Wireless spectrum for $2.4 billion.
In commodities, U.S. crude oil futures climbed 35 cents, or 0.37%, to $94.31 a barrel. Wholesale New York Harbor gasoline jumped 0.87% to $2.672 a gallon. Gold fell $2.60, or 0.21%, to $1,236 a troy ounce.