New York - US stock index futures inched higher on Monday, setting Wall Street up for a modest rebound after its worst week since June 2012 with investors focused on corporate earnings from big names like Caterpillar and Apple.
Caterpillar Inc shares jumped 4.5 percent in premarket trade after the bellwether reported better-than-expected fourth quarter results.
The US bourse is set to open higher as European leaders get ready to meet. Credit: REUTERS
Apple Inc is due to report earnings after the bell on Wednesday.
The iPhone and iPad maker may notch its most successful holiday shopping season yet, setting records for sales of its gift-friendly iPhones and iPads.
It will, however, continue to draw investor scrutiny over sales in ultra-competitive China, its No. 2 market but a drag on revenue and margins in recent quarters.
In economic news, the Commerce Department's new homes sales numbers for December are due at 10:00 a.m. ET.
The Dallas Fed's manufacturing survey data is due at 10:30 a.m. ET.
Investors will begin to heavily consider the outcome of the Federal Reserve's two-day policy meeting that begins on Tuesday.
Concerns that the Fed may further taper its stimulus measures have been one of the major reasons for a recent selloff in the stock market.
On Friday, the S&P 500 fell 2.6 percent for the week, closing below its 50-day moving average for the first time since October 9, suggesting more selling may be ahead for the market that closed out 2013 with a 30-percent gain.
S&P 500 e-mini futures rose 9.1 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 60 points and Nasdaq 100 futures added 10.75 points.
US mobile group AT&T has ruled out a bid for Britain's Vodafone for now, with banking sources saying a US spying scandal and a surge in European telecom shares may have disrupted a deal that many think could still happen.
US-listed shares of Vodafone fell 4.7 percent in premarket trade.
Google Inc and Samsung Electronics Co Ltd , which are frequently involved in patent infringement lawsuits but not against each other, announced on Sunday that they have reached a global patent cross-licensing agreement.
Google shares were little changed in premarket trade. - Reuters