US futures edge higher ahead of data

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WallStreet1234 Reuters. A Wall Street sign is pictured outside the New York Stock Exchange in New York.

New York - US stock index futures edged up on Monday ahead of data on both the services sector and factory goods that could give clues on the momentum of US economic growth early in the new year.

* Financial data firm Markit will report its composite Purchasing Managers Index (PMI) - a weighted average of its manufacturing and services indexes- at 8:58 a.m. EST (15:58 SA time) and the more widely followed Institute for Supply Management's services index is due at 10:00 a.m. (17:00 SA time).

* Liberty Media said Friday it would offer to buy out the minority shareholders in satellite radio provider Sirius XM.

Sirius shares jumped 10.9 percent in premarket trading.

* The US Senate is set to vote at 5:30 p.m. (00:30 SA time) to confirm Janet Yellen as the next head of the Federal Reserve.

Yellen has been the central bank's vice chair since 2010 and is widely seen as continuing the policies set in place by current chair Ben Bernanke.

* S&P 500 futures rose 4 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures rose 31 points and Nasdaq 100 futures added 3.75 points.

* Apparel retailer Men's Wearhouse mounted a hostile bid for rival Jos. A. Bank Clothiers with a raised offer, days after the smaller rival raised its buyout defenses.

* Ford Motor Co and its local partners boosted sales in China by nearly 50 percent last year, nudging past Japanese giants Toyota and Honda to make big inroads into the world's largest auto market.

Ford shares edged up 0.5 percent in light premarket trading. - Reuters



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