Stocks set for a boost

chart__sp500_100802c.top.gifClick chart to track futures. By CNNMoney.com staff


NEW YORK(CNNMoney.com) -- U.S. stocks were set to start August with gains at Monday's open on the back of an overseas rally.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were all up more than 1%.

Futures measure current index values against perceived future performance.

Despite a mixed performance Friday, stocks posted their best monthly gain in a year in July following solid second-quarter results from several U.S. companies.

But with several key reports due out this week, including the government's jobs report, investors are likely to shift their attention from corporate earnings to the economy.

"Markets have discounted the earnings season, which was better than expected, and this week the attention will turn to the economy, particularly the July jobs report due Friday," said Peter Cardillo, chief market economist at Avalon Partners.

"If economic numbers stabilize, improve and come in line with expectations this month, that will alleviate fears of a double-dip recession and we'll be able to focus on the economy's slow growth," he added.

Economy: Two reports on tap Monday are the Institute for Supply Management's survey on nationwide manufacturing activity and a report on construction spending.

Economists surveyed by Briefing.com project that U.S. manufacturing grew at a slower pace in July, with the index falling to 54.2 from 56.2 the prior month. Any number over 50 signifies growth in manufacturing.

Economists expect that construction spending fell 0.8% in June, following a 0.2% dip in May, according to the Briefing.com consensus.

Bernanke: Federal Reserve Chairman Ben Bernanke is due to speak about the challenges for the economy and state governments. Bernanke rattled investors last month when he said there was an "unusually uncertain" future for the economy.

Financial reform: Treasury Secretary Tim Geithner will be in New York to discuss financial reform. He is due to give a speech at New York University.

Companies: Stocks to watch include BlackBerry maker Research in Motion (RIMM). The United Arab Emirates has decided to ban the Web operations of more than a half-million BlackBerry users due to security issues. Shares of the company were down 1.2% in pre-market trading.

HSBC (HBC), Europe's biggest bank, said Monday that its earnings more than doubled in the first half of the year. The bank's profit climbed to $6.76 billion during the first six months of the year, up from $3.35 billion in the same period a year earlier.

Shares of the London-based bank rose 4.7% in pre-market trading.

World markets: European stocks rallied Monday. The CAC 40 in France and the FTSE 100 in Britain both surged about 2%. Germany's DAX added 1.7% in the afternoon.

Asian markets also rose. The Hang Seng in Hong Kong jumped 1.8%, the Shanghai Composite rose 1.3% and Japan's Nikkei gained 0.4%.

Currencies and commodities: The dollar was lower versus the euro and the British pound, but up against the Japanese yen.

U.S. light crude oil for September delivery rose $1.94 to $80.89 a barrel.

COMEX gold's December contract edge up $1.70 to $1,185.60 per ounce.

Bonds: Treasury prices fell, pushing the yield on the 10-year note up to 2.94% from 2.90% late Friday. Bond prices and yields move in opposite directions. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.07%4.28%
15 yr fixed3.18%3.26%
5/1 ARM3.36%3.43%
30 yr refi4.05%4.21%
15 yr refi3.17%3.18%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,098.45 18.88 0.11%
Nasdaq 4,580.27 22.58 0.50%
S&P 500 2,003.37 6.63 0.33%
Treasuries 2.34 0.01 0.39%
Data as of 4:21pm ET
Company Price Change % Change
Bank of America Corp... 16.09 0.08 0.50%
Apple Inc 102.50 0.25 0.24%
Intel Corp 34.92 0.27 0.78%
Facebook Inc 74.82 0.96 1.31%
General Electric Co 25.98 -0.03 -0.12%
Data as of Aug 29

Sections

The deal would value Vice at $2.5 billion. The online media company would also create content for the cable network, delivering a wider audience. More

Gas prices are falling to nearly $3 a gallon in some parts of South Carolina, and that will soon be common in much of the country. More

Netflix told the FCC that its speed on the Comcast network became so slow that customers began dropping their service. More

The Coolest Cooler is the most successful Kickstarter campaign in the site's history, raising $13.3 million from over 62,000 backers. More

Five CNNMoney readers share stories about saving that you can learn from: What they would do differently if they had another chance. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.