Stocks set for early pop
Futures advance as investors express optimism about upcoming earnings. Dow heads toward 10,000.
NEW YORK (CNNMoney.com) -- U.S. stock futures rose Monday, supported by earnings optimism.
At 7:05 a.m. ET, S&P 500, Nasdaq-100 and Dow Jones industrial average futures were higher.
Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.
Earnings: With no major economic reports or earnings on tap Monday, investors are likely to focus on the upcoming wave of earnings.
"It's all about earnings," said Peter Cardillo, chief market economist for Avalon Partners, adding that trading is driven by a Wall Street perspective that "the worst is behind us."
"I think the market will continue to rally," he said. "Dow 10,000 is now in sight and we'll probably reach it some time this week."
A slew of big firms are due to report third-quarter earnings later this week, and investors are hoping they results will be as upbeat as Dow component Alcoa's.
Alcoa (AA, Fortune 500), the only major company to have reported so far, posted better-than-expected profit last week. It also posted revenue that topped estimates. The solid results helped push Wall Street to fresh 2009 peaks.
World markets: Global indexes were mixed. Hong Kong's Hang Seng index finished nearly 1% lower. Markets in Japan were closed for a holiday. Major European indexes were higher in midday trading.
Money and oil: The dollar was mixed against major international currencies, slipping against the euro but rising versus the yen and the pound.
The price of oil surged $1.26 to $73.03 a barrel. 
