(RTTNews) - Stocks are poised to open modestly higher on Monday, as traders may do some bargain hunting following last week’s pullback while awaiting data on manufacturing, housing and construction spending. The major index futures are all in positive territory with the Dow futures up by 39 points.

On the economic front, traders will be presented with the Institute of Supply Management’s manufacturing sector index for October at 10:00 a.m. ET. Economists expect the index to clock a reading of 53, higher than 52.6 reported for September.

Data on pending home sales, which is a leading indicator of housing market activity released by the National Association of Realtors, is also due out at 10:00 a.m. ET. The index is expected to edge down 0.1 percent in September.

At about the same time, the Commerce Department will release data on construction spending for September. Analysts expect a 0.2 percent decline in construction spending for the month after spending rose 0.8 percent in the previous month.

This afternoon, White House economic adviser Lawrence Summers will gather with a number of other government officials to discuss the state of the economy, job creation and means of achieving consistent growth following the recession. The meeting is scheduled to take place at 2 p.m. ET.

Earnings continue to be on traders’ radar, with Ford (F) reporting third-quarter net income of $0.29 per share for the quarter, firmly beating the expected loss of $0.12 per share. Revenue for the quarter came in at $30.9 billion, topping the forecast of $28.32 billion for the quarter.

Humana Inc. (HUM) said its third-quarter net income rose to $1.78 per share, edging out the $1.77 per share expected for the quarter. Total revenues increased to $7.7 billion from $7.1 billion in the comparable quarter last year but fell short if the $7.82 billion estimated by analysts.

After the closing bell on Wall Street today, independent exploration and production company Anadarko Petroleum Corp. (APC), oil and natural gas exploration and production company Chesapeake Energy Corp. (CHK), Republic Services Inc. (RSG) and Kinross Gold (KGC) will report their quarterly results, among others.

In other corporate news, troubled lender CIT Group Inc. (CIT) has filed for Chapter 11 bankruptcy protection. The company said on Sunday that its Board of Directors voted to proceed with the prepackaged plan of reorganization for the company and a subsidiary that would restructure its debt and streamline its capital structure. None of the company’s operating subsidiaries, including the CIT Bank, will be included in the filings.

Oil and gas explorer Denbury Resources Inc. (DNR) and Encore Acquisition Co. (EAC), a developer of oil and natural gas reserves, on Sunday revealed a definitive merger agreement, whereby Denbury will acquire Encore in a $4.5 billion cash and stock deal. The transaction includes the assumption of debt and the value of the minority interest in Encore Energy Partners LP (ENP).

Stocks saw a sharp pullback on Friday, as a batch of mixed economic data raised questions regarding the economic recovery. The Dow closed down by 250 points at 9,713, the Nasdaq fell by 52 points to 2,045 and the S&P 500 slipped by 30 points to 1,036.

With the sell-off on the day, the major averages all closed sharply lower for the week, adding to the modest losses posted in the previous week. The Dow fell 2.6 percent for the week, while the Nasdaq and the S&P 500 posted weekly losses of 5.1 percent and 4 percent, respectively.

Crude oil futures are rising by $0.66 to $77.66 a barrel after rising by $2.87 to $77.00 on Friday. Gold futures are also advancing, up by $14.0 to $1,054.40 an ounce after dropping by $6.70 to $1,040.40 per ounce in the previous session.

On the currency front, the U.S. dollar is mixed against the major European currencies, falling to $1.4767 versus the euro while rising to $1.6358 versus the pound. The dollar is little changed against the Japanese yen, sitting at 90.09 yen.

In overseas trading, stock markets across the Asia-Pacific region closed lower on Monday. Japan’s benchmark Nikkei 225 Index fell by 2.3 percent on the day, while Hong Kong’s Hang Seng Index lost 0.6 percent.

Meanwhile, the major European markets are mobbing higher. The U.K.’s FTSE 100 and the French CAC 40 Index are both up by 0.5 percent, while and the German DAX Index is up by 0.1 percent.

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Posted in Categories: Economy, Eurozone, Japan, Releases, USA.

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