News Column

Futures Pointing To Modestly Higher Open On Wall Street

June 2, 2014

WASHINGTON (Alliance News) - After turning in a strong performance last week, stocks may see some further upside in early trading on Monday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 18 points.

The upward momentum for the markets is partly due to the release of the results of a survey by Markit and HSBC showing that Chinese manufacturing activity expanded at faster rate in May.

The report showed that the Chinese manufacturing purchasing managers index rose to 50.8 in May from 50.4 in April, exceeding the consensus estimate of 50.6 and signaling the fastest rate of expansion in five months.

Not long after the open, the Institute for Supply Management is scheduled to release its report on activity in the US manufacturing sector in the month of May.

Economists expect the ISM's manufacturing index to climb to 55.5 in May from 54.9 in April, with a reading above 50 indicating growth in the sector.

The Commerce Department is also scheduled to release its report on construction spending in the month of April. Spending is expected to increase by 0.7% in April after edging up by 0.2% in March.

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Source: Alliance News