Stocks appear headed for a higher opening Monday on the first day of trading in the new year following the lead of overseas markets. Stock futures rose.
An analyst’s ratings upgrade of Intel Corp. shares helped push the technology group higher.
Asian markets received a boost after new data showed China’s manufacturing sector expanded at its fastest rate in 20 months in December. European markets also rose after the monthly purchasing managers’ index, a key gauge of manufacturing activity, for the 16 countries that use the euro rose to a 21-month high and a similar survey for Britain rose to a 25-month high.
In the U.S., investors will receive key data throughout the week that could show the economic recovery is continuing, including a report on manufacturing Monday. Ongoing signs of a rebound helped the market surge during the final nine months of 2009 from its 12-year lows.
The Institute for Supply Management’s manufacturing index is expected to show modest growth in the sector last month. Economists polled by Thomson Reuters, on average, forecast the ISM’s index for December will increase to 54 from 53.6 a month earlier.
The report is due out at 10 a.m. EST.
A report from the Commerce Department Monday is expected to show construction spending dipped 0.4 percent in November. The report is also due out at 10 a.m. EST.
Ahead of the opening bell, Dow Jones industrial average futures rose 58, or 0.6 percent, to 10,423. Standard & Poor’s 500 index futures rose 6.60, or 0.6 percent, to 1,117.30, while Nasdaq 100 index futures rose 21.75, or 1.2 percent, to 1,880.50.
The technology sector was getting a boost after Robert W. Baird & Co. upgraded chipmaker Intel Corp. to “Outperform” and increased its price target on the stock to $26. Shares rose 34 cents to $20.74 in premarket trading.
On Friday, the Labor Department releases its monthly employment report. Considered the biggest economic report of the month, it will likely set the early tone for trading in 2010.
Economists surveyed by Thomson Reuters are forecasting that 23,000 jobs were lost, a further signal that the job market is starting to stabilize. The government said employers cut just 11,000 jobs in November, far fewer than anticipated. That pushed the unemployment rate down to 10 percent.
Stocks closed out 2009 on a down note, with major indexes all falling around 1 percent in light, holiday-shortened trading on Thursday. The market was closed Friday for the New Year’s holiday. Hard money training.
Tags: china's manufacturing, economic recovery, investors, stocks futures, us investors
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