U.S. stock futures have climbed back into positive territory ahead of Monday's open with losses in the energy sector offset by gains in banking stocks. The financial sector continues to find support from expectations for the Federal Open Market Committee to raise U.S. rates another 25 basis points on Wednesday.
However, event risk remains a concern for Wall Street this week with the FOMC meeting headlining a string of central bank gatherings across Europe and Asia that includes the Bank of Japan, Bank of England and Swiss National Bank.
Additionally, Dutch voters this week will chose a new prime minister and their election will be closely watched as a bellweather for how populist candidates might fare in France and Germany. Much like Marine Le Pen in France, far-right candidate Geert Wilders gained traction against his liberal opponents, giving his Party of Freedom a chance to win the most seats.
Lastly, the Treasury's ability to borrow money expires on Thursday unless Congress agrees to raise the debt ceiling. A delay could pose a risk to the U.S's credit rating and increase the country's borrowing costs by billions of dollars.
Monday's economic calendar is light with only the Labor Market Conditions index at 10am ET, last at 1.3.
-Dow Jones Industrial up 0.06%
-S&P 500 futures up 0.01%
-Nasdaq 100 futures 0.00%
Nikkei up 0.15%
Hang Seng up 1.11%
Shanghai Composite up 0.76%
FTSE-100 up 0.25%
DAX-30 up 0.16%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: Mixed
(+) Chip stocks: Higher
(+/-) Software stocks: Mixed
(-) Hardware stocks: Lower
(+) Internet stocks: Higher
(+/-) Oil stocks: Flat
(+/-) Biotech stocks: Flat
(+/-) Drug stocks: Mixed
(+) Financial stocks: Higher
(+) Retail stocks: Higher
(+/-) Industrial stocks: Flat
(+) Airlines: Higher
(+) Autos: Higher
(+) HTBX (+43.33%) Phase 1 lung cancer trial meets efficacy endpoint; will proceed to phase 2
(+) MBLY (+30.10%) Agreed to be acquired by Intel ( INTC ) for $15.3 billion
(+) AMFW (+13.22%) Accepted $2.73 billion acquisition offer from John Wood Group.
(-) GMAN (-8.70%) Filed for Chapter 11 bankruptcy protection, will liquidate inventory and assets
(-) AIG (-1.65%) Downgraded at Deutsche Bank to sell from hold
(-) BA (-0.88%) Downgraded at Morgan Stanley to equal weight from overweight