Here’s what’s shaking:
U.S. stock futures are rising ahead of new data on manufacturing and construction.
Dow Jones industrial futures are up 76 points to 14,900. S&P futures have added 7.2 points to 1,606.50. Nasdaq futures are up 17.25 points to 2,918.50.
Economists say that manufacturing picked up in June following the first contraction in six months. The Institute for Supply Management releases its manufacturing index at 10 a.m. EDT Monday.
Construction is also expected to have jumped in May due to a rebounding housing sector. The Commerce Department report will be released at 10 a.m. as well.
Global markets are rising as well despite signs that China’s economy is slowing.
China’s manufacturing weakened again in June amid a credit crunch and slower U.S. and European orders, according to HSBC’s purchasing managers’ index.
The price of oil rose above $97 a barrel Monday as concerns over protests in Egypt and their possible effect on Middle East oil supplies outweighed fresh data showing a slump in China’s manufacturing sector.
By early afternoon in Europe, benchmark crude for August delivery was up 81 cents at $97.37 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 49 cents to $96.56 on Friday.
Earlier in Monday’s trading session, oil prices fell to near $96 as China’s manufacturing weakened again in June amid a credit crunch and slower U.S. and European orders, two surveys showed Monday. The findings added to signs that growth in the world’s second-largest economy is decelerating.
Oil’s fall was braked by better economic news from Japan, where business confidence among major manufacturers turned positive for the first time in nearly two years, and by improving figures in the eurozone’s purchasing managers’ index.
In London, Brent crude was up 80 cents at $102.96 a barrel on the ICE Futures exchange.
Follow Becket Adams (@BecketAdams) on Twitter
The Associated Press contributed to this report.
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