U.S. stock futures rose again Monday, following a four-week rally, on upbeat earnings and in the wake of the Federal Reserves' suggestion that tapering of its $85-billion-a-month asset purchasing program will continue until there is more solid data showing an economic recovery.
Deutsche Bank economists said in a note this morning that data from the Institute of Supply Management is consistent with real GDP growth of around 3% in Q3. The advance Q3 GDP report is due this Thursday. Also out later this week is the October jobs report on Friday.
Later today, at 10:00 a.m., factory order data are out and expected to be up slightly in August and up nearly 2% in September.
Meanwhile, in equities, Blackberry ( BBRY ) dropped to fresh 52 week lows in pre-market before the stock was halted at 8:25 a.m., after a Globe & Mail report said the company has abandoned a plan to sell to Fairfax Financial Holdings and that its CEO will step down.
Elsewhere, Kellogg Company ( K ) rose 1.5% before the bell after its Q3 EPS exceeded expectations. The company also announced a four-year program to cut costs by as much as $475 million per year by 2018.
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