MADRID (MarketWatch) — U.S. stock futures rose on Monday, with the focus largely expected to settle on Europe amid a dearth of economic news. Investors were also watching the situation in North Korea after the death of leader Kim Jong-il over the weekend.
Futures for the Dow Jones Industrial Average DJ2H +0.43% rose 61 points, or 0.5%, to 11,839. Those for the S&P 500 index SP2H +0.60% rose 7.8 points, or 0.5%, to 1,218.70.
Nasdaq 100 futures ND2H +0.58% rose 17 points, or 0.8%, to 2,249.75.
The Dow Industrials DJIA -0.02% halted a two-week winning streak on Friday, losing 2.61%, with gains evaporating after Fitch Ratings cut France’s outlook to negative and warned of possible downgrades for six European countries.
Asia markets slumped, but reaction for U.S. futures and European stocks appeared muted to the death of North Korea’s Kim Jong-il. The region is likely to see increased focus in coming days and weeks amid concerns about stability in the country and region. North Korea’s Kim Jong-il is dead at 69
A bounce for Europe stocks appeared to be providing support for the U.S., in a week where volumes begin to thin out ahead of the Christmas holidays.
Within economic data, the home builders’ index for December will be released at 10 a.m. Eastern time.
“With no important data releases today, markets seem likely to continue to try to stay range bound,” said Richard Kelly, head of European rates and FX Research at TD Securities, in a note to investors.
“We have EU finance ministers holding a conference call at 9:30 a.m. Eastern in order to catch up on progress since the leaders summit that may provide some headlines but at best would lay out who is providing what to the IMF,” he said. “Markets will look to a busier day tomorrow.“
Within corporate news, shares of Zynga Inc. ZNGA +1.05% could be in focus after shares closed Friday below the initial-public-offering price of $10, off 5%. It was the firm’s first day of trading.
Europe stock markets shook off earlier losses, with the Stoxx Europe 600 index XX:SXXP +0.83% up 0.8% to 235.67. In France, the CAC 40 index FR:PX1 +1.06% was up 1%. That followed a late Friday report of a downgraded outlook for the nation.
European Central Bank President Mario Draghi is due to speak in front of the Committee on Economic and Monetary Affairs of the European Parliament on Monday.
In an interview with the Financial Times on Sunday, Draghi warned of the costs of a European break-up, saying struggling countries that leave the euro-zone will still face economic difficulties.
Within commodities, futures for January crude oil CL2F +0.51% rose 59 cents to $94.12 a barrel, while gold futures for February delivery GC2G -0.03% fell $3.20 to $1,594.50.
The dollar edged higher against most major currencies. The dollar index DXY +0.11% , which measures the dollar against a basket of six currencies, traded at 80.263 versus 80.216 in late North American trading on Friday.
Source; http://www.marketwatch.com/story/us-stock-market-futures-rise-n-korea-in-focus-2011-12-19
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