US open: Stocks trade higher as investors prep for Fed summit

As of 1545 BST, the Dow Jones futures Industrial Average was up 0.68% at 35,357.62, while the S&P 500 was 0.81% firmer at 4,477.85 and the Nasdaq Composite came out the gate 1.17% stronger at 14,886.66.

The Dow Jones opened 237.54 points higher on Monday, extending gains recorded in the final session of what was an otherwise losing week for major averages.

The week's primary focus will be the Fed's Jackson Hole symposium, with investors likely to scrutinise it for any hints on the central bank's timeline for scaling back its $120.0bn a month bond-buying program. The event will take place virtually on Thursday and Friday, with Federal Reserve chairman Jerome Powell set to deliver a speech titled "The Economic Outlook".

As far as Monday data was concerned, the Federal Reserve Bank of Chicago revealed that its national activity index had improved to 0.53 in July from a revised -0.01 print a month earlier.

Elsewhere, a flash reading of IHS Markit's August manufacturing PMI had the index fall from 59.9 in July to 55.4 in August, driven by a drop in export orders, severe supply chain disruptions, difficulties hiring new staff and the spread of the Covid-19 Delta variant.

Finally, last month's existing home sales report revealed sales increased for the second month in a row, with inventories improving moderately and prices easing from the previous month's record level. According to the National Association of Realtors, existing home sales increased 2.0% to a seasonally adjusted annual rate of 5.99m units in July from June's upwardly revised pace.

In the corporate space, vaccine makers were trading higher after the Food and Drug Administration granted full approval for Pfizer and BioNTech's Covid-19 vaccine, the first such licensing to be given in the US.

No major corporate earnings were slated for release on Monday.