By RTT News, September 23, 2013, 06:30:00 AM EDT
(RTTNews.com) - After posting back-to-back losses in the previous two sessions, Wall Street stocks may be looking to bounce back on Monday. The major index futures are pointing to a higher opening. Flash estimates released by Markit showed that Chinese manufacturing and the eurozone private sector activity picked up pace in September. The domestic markets now turn their attention to several Fed speeches scheduled for the day and the results of Markit's manufacturing survey due before the start of trading.
At 6:15 am ET, the Dow futures are rising 20 points and the S&P 500 futures are moving up 2.80 points, while the Nasdaq 100 futures are advancing 9.25 points.
U.S. stocks advanced yet again in the week ended September, as the markets benefited immensely from the Fed's decision to keep its stimulus program intact.
The unfolding week's economic calendar is loaded with data on housing, consumer spending and consumer confidence that could help to clarify the economic outlook further. Several Fed speeches due for the week could also be in focus, as traders seek more insight into the Fed's stance on stimulus.
The spotlight of the week is likely to be on the Commerce Department's new home sales report for August and the National Association of Realtors' pending home sales index for August, the jobless claims report, the results of the consumer sentiment surveys by the Conference Board and Reuters and the University of Michigan, the Commerce Department's personal income and spending and durable goods orders reports for August.
The results of the house price surveys for July by the S&P/Case-Shiller and the Federal House Finance Agency, the results of some regional and national manufacturing surveys, the final reading of second quarter GDP and the results of Treasury auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.
Markit is scheduled to release the results of its U.S. manufacturing survey for September at 8:58 am ET. Economists expect the index to increase to 54 from 53.9 in August.
Atlanta Federal Reserve Bank PresidentÂ Dennis LockhartÂ is due to speak in New York at 9:20 am ET. New York Federal Reserve Bank PresidentÂ William DudleyÂ will also speak in New York at 9:30 am ET. Dallas Federal Reserve Bank PresidentÂ Richard FisherÂ is scheduled to speak on banking and too-big-to-fail in San Antonio at 1:30 pm ET.
In corporate news, AT&T ( T ) said it closed its acquisition of Alltel's U.S. retail assets, including wireless properties in 6 states, including spectrum licenses, network assets, retail stores and about 590,000 subscribers. Separately, AT&T said it expects record third quarter smartphone sales.
Analogic ( ALOG ) announced that it has acquired the remaining ownership in privately held PocketSonic that it already does not own. The company noted that the consideration includes an initial cash payment of $11 million, with additional contingent payment of up to $3 million based on the achievement of certain milestones related to the technology.
First Republic Bank announced that it has acquired a 25.4 percent stake in South Californian business management firm NKSF.
The Asian markets closed mostly lower, although the Chinese, Taiwanese and South Korean markets advanced in the session. The lack of any major catalysts rendered the mood cautious even as the Chinese market saw cheer in the results of a private manufacturing survey.
After holding mostly above the unchanged line, Japan's Nikkei 225 average retreated in the afternoon before closing up 23.76 points or 0.16 percent at 14,742. Resource, realty and retail stocks declined and export stocks saw mixed sentiment.
Australia's All Ordinaries languished below the unchanged line throughout the session before closing down 25 points or 0.47 percent at 5,246. Consumer staple, energy and material stocks were among the biggest decliners, while financial stocks also came under modest selling pressure.
Hong Kong's Hang Seng Index closed at 23,364, down 138.37 points or 0.59 percent. Meanwhile, China's Shanghai Composite Index closed 29.19 points or 1.33 percent higher at 2,221.
The results of a survey by HSBC and Markit Economics showed that the manufacturing index based on the survey rose 1.1 points to a 6-month high of 51.2 in September. The output, new orders and export orders all increased from the previous month.
European stocks opened higher but have given back their gains and are currently trading mixed. The landslide election victory of German chancellor Angela Merkel for a third term has failed to rev up sentiment in a big way, although the market did find support from the positive private sector data from the eurozone.
On the economic front, flash estimates released by Markit Economics showed that eurozone private sector activity expanded at a slightly faster rate in September. The composite purchasing managers' index rose 0.6 points to 52.1, while economists expected a more modest improvement to 51.7. The manufacturing purchasing managers' index unexpectedly slipped slightly to 51.1, while the service sector purchasing managers' index climbed 1.4 points to 52.1.
For comments and feedback: contact email@example.com