US Futures Higher Ahead of Data

Monday, May 3, 2021 8:26 AM | MT Newswires

US stock futures were higher Monday as traders looked ahead to key readings on the US manufacturing sector.

Dow Jones Industrial Average futures gained 0.7%, S&P futures increased 0.6%, and Nasdaq futures rose 0.3%.

Oil prices were mixed, with global benchmark Brent Crude down 0.1% and US West Texas Intermediate up 0.2%, on hopes of a global economic recovery, but the catastrophic COVID-19 crisis in India put a lid on gains.

At 9:45 am, data are expected to show the Purchasing Managers' Manufacturing Index coming in at 60.7 in the final reading for April, which would be little changed from 60.6 in the preliminary reading, according to Bloomberg data.

At 10 am, April consensus for the Institute for Supply Management manufacturing index is at 65.0, compared with 64.7 in the March report. Forecasters see a 1.7% rise in construction spending for March against the 0.8% downtick in the previous month.

In equities, shares of Estee Lauder (EL) were 3.4% lower pre-bell even after the company posted higher fiscal Q3 earnings and sales.

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