US Stock Futures Set To Recover





US stock futures rose today, driven by gains in Asia and Europe. While futures on the Dow Jones Industrial Average climbed 50 points to 10847, those on the S&P 500 gained 4.9 points to 1170.1. Meanwhile, Nasdaq 100 futures added 3.25 points to 1959.

The Asian and European markets rose with the release of strong Chinese and European manufacturing data. While the Purchasing Managers Index in China depicted a rise in manufacturing activity for the thirteenth consecutive month in March, manufacturing output in the UK posted its strongest growth in over 15 years. Meanwhile, growth in Eurozone output was the highest in 40 months. These reports drove shares in Hong Kong to the highest level achieved in over a couple of months. The European indexes were also trading higher at midday.

Investors today are awaiting various economic reports, such as weekly jobless claims, monthly car sales from Ford Motor (NYSE: F) and the manufacturing survey by the Institute for Supply Management for March. Although these reports might result in a brief upswing in the market, nothing significant is likely to happen until the key nonfarm payrolls report is released on Friday after the close of the markets, according to David Jones, chief market strategist at IG Index in London.

Traders seem to be wary of the data, following the unsatisfactory employment report by ADP. Some of the stocks that may be in focus today are Primerica, which is debuting today following its IPO at $15 a share, and Research In Motion (NASDAQ: RIMM). RIMM has declined by over 5% in pre-market trading after the company fell short of the forecasted quarterly revenues.