US equities are expected to open slightly higher on Monday with upbeat sessions in Europe and Asia offering support.
Asian markets rallied overnight on hints by the Chinese central bank of more stimulus measures, which were further helped by dovish comments from US Federal Reserve head Janet Yellen on Friday.
“The Fed Chair ruled out a June rate-hike, with a collective sigh of relief from the doves leading the Dow Jones to recover its Friday losses. However, with Yellen also stating the rate-hike is still on track, the dollar remains strong and could play havoc with the US markets come opening time,” said Connor Campbell, a market analyst at Spreadex.
The Dow Jones Industrial Average front month futures contract was up 0.21% to 17713 while the S&P500 contract rose 0.24% to trade at 2061. The euro was fetching $ 1.08319 against the stronger US dollar, down 0.5% on the day.
Attention turns to personal income and spending data and pending home sales. In company news, BlackBerry delivered quarterly earnings that topped analysts’ expectations on Friday, but revenue came in lower than expected. Revenue fell to $ 660m from $ 976m a year ago.