Stocks ready for November bounce
Futures point to higher open as investors consider Ford's first quarterly profit in more than a year.
NEW YORK (CNNMoney.com) -- U.S. stocks were poised to rebound Monday, following a big selloff that ended last week, and after Ford posted its first quarterly profit in more than a year.
S&P 500, Nasdaq-100 and Dow Jones industrial average futures were all higher, though the indexes had pared some of their gains before the opening bell.
Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.
U.S. stocks tumbled Friday as investors dumped equities and fled to safety. Worries that the market was due for a correction brought Wall Street's seven-month winning streak to a halt in October.
Dave Lutz, managing director equity trading for Stifel Nicolaus, suggested that many investors are likely to dive back into stocks Monday, looking for buying opportunities. Some encouraging foreign economic numbers, including a strong manufacturing reading out of China, were also providing a boost to investor confidence before Monday's opening bell.
"I think that has led to some level of optimism," he said.
Earnings: Ford Motor (F, Fortune 500) delivered its first quarterly profit in more than a year Monday, helped by the government's Cash for Clunkers program.
The company said it earned nearly $1 billion, or 29 cents a share. The automaker was expected to post a loss of 12 cents a share, according to Thomson Reuters estimates.
Ford shares rose 6.4% in premarket trading.
Economy: Investors will look to a reading on construction spending as well as a report on pending home sales at 10 a.m. ET. Economists surveyed by Briefing.com are anticipating a 0.5% decline in construction spending and 1.2% increase in home sales.
Also due out is a survey of nationwide manufacturing activity, which is expected to show modest growth, according to estimates.
Companies: Small business lender CIT (CIT, Fortune 500) filed the fifth-largest U.S. bankruptcy on Sunday as part of a reorganization plan that has the support of most of the company's debtholders.
CIT said it has already worked out a reorganization plan with bondholders that it expects to speed the Chapter 11 process and reduce CIT's debt by $10 billion.
World markets: Stocks in Asia tumbled, with Japan's Nikkei shedding more than 2%. European indexes reversed earlier losses and were in positive territory in midday trading.
In currency trading, the dollar retreated against the euro and the yen, and was higher versus the pound.
And crude prices recovered following Friday's slide, climbing 58 cents to $77.58 a barrel. 
-
Broadway star Scarlett Johansson is selling her L.A. pad for $2 million less than she paid. More -
Former Merrill Lynch CEO John Thain is being asked to work his magic on small business lender CIT. More -
Lenders are collecting from owners like Vanessa Corey even after a short sale or foreclosure. More -
The $10 electronic hamsters were last year's monster hit. Meet the encore. More -
Former Fed chief has been the "designated goat" for Wall Street. No more. More -
A sculpture recently sold for a record price. See the 5 most expensive works of art. More
