US pre-open: Futures nudge higher ahead of manufacturing data

US stock futures edged slightly higher on Monday, as investors braced themselves for a number of key economic reports.

The Dow Jones Industrial Average is expected to open up approximately 10 points, while the S&P 500 and the Nasdaq are set to begin the first session of the week one and four points higher respectively.

PMI, manufacturing data in focus

On the economic data front, investors will analyse Markit’s manufacturing PMI for October, which is released at 1445 GMT, followed by the Institute for Supply Management’s manufacturing index for the same month, on tap at 1500 GMT.

At the same time a reading on construction spending is also scheduled for release, while San Francisco Federal Reserve president John Williams will speak at a Fed conference in San Francisco at 1700 GMT.

“Following the surprisingly hawkish FOMC statement last week US data is arguably back to the old good is bad/bad is good trend that has defined 2015, something that will get a full workout this week as non-farm Friday approaches,” said Spreadex’s financial analyst Connor Campbell.

In company news, payments technology group Visa declined 2.15% in pre-market trading after it announced a deal to acquire Visa Europe in a deal worth as much as €21.2bn (£15.1bn).

The group posted a 41% year-on-year increase in fourth quarter profit to $1.51bn, as the $283m it booked in charge litigation expenses in the previous year did not recur, while adjusted profit excluding one-off items came in at 62 cents a share, slightly below consensus of 63 cents a share.

Restaurant chain Chipotle Mexican Grill declined 1.23% in pre-market trading after revealing it closed 43 of its Washington state and Oregon stores over an investigation into an E.coli outbreak.

The earnings season continues, with Noble Energy set to report ahead of the bell, while Pioneer Natural Resources is scheduled to report after the close.

Elsewhere, Asian markets were dragged lower after data showed a private gauge of China’s manufacturing activity remained in construction for the eight consecutive month, while European stocks edge higher after some positive PMI data.

The dollar fell 0.13% against both the pound and the euro but gained 0.11% against the yen, while gold futures fell 0.38% to $1,137.72.

Oil prices declined, as West Texas Intermediate lost 1.64% to $45.84 a barrel, while Brent fell 1.66% to $48.75 a barrel.