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Monday Morning Market Roundup: Here's How This Week Is Shaping Up

Traders work the floor of the New York Stock Exchange after the opening bell on June 20, 2013 in New York City. (Photo by John Moore/Getty Images)

Here’s what’s shaking:


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U.S. stock futures are under pressure ahead of new data expected to show that businesses eased back on big-ticket purchases last month, as well as a report Friday that revealed a drop-off in new home purchases.

Dow Jones industrial futures are down 22 points to 14,696. S&P futures have given up 1.9 points to 1,659.50. Nasdaq futures are down a point at 3,120.25.

Economists expect the Commerce Department to report Monday that orders for durable goods dropped 3.7 percent in July. Orders rose 3.9 percent in June thanks in part to strong plane orders.

The government reported a sharp decline in new home sales Friday, revealing the chilling effect that higher mortgage rates are having on a hot housing market.


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The price of oil rose Monday after disappointing U.S. housing figures led to speculation that the U.S. Federal Reserve might take a very gradual approach toward winding down its economic stimulus.

Benchmark oil for October delivery was up 9 cents to $106.51 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

The contract gained $1.39, or 1.4 percent, to close at $106.42 on Friday. Oil rose after the U.S. government said that Americans cut back sharply in July on purchases of new homes, a sign that higher mortgage rates may weigh on the housing recovery.

Traders apparently saw the weak data as an indication that the Fed may need to wait before slowing down its bond-buying program. Brent crude, which sets prices for imported oil used by many U.S. refineries, fell 19 cents to $110.85 a barrel on the ICE Futures exchange in London.


Follow Becket Adams (@BecketAdams) on Twitter

The Associated Press contributed to this story.


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