LONDON -- Stock index futures at 7 a.m. EDT indicate that the Dow Jones Industrial Average (^DJI -0.98%) may open up by 0.41% this morning, while the S&P 500 (^GSPC -0.46%) may open 0.51% higher.
Asian markets closed lower overnight, but European markets rose steadily this morning as last week's turbulence in the eurozone subsided. In Greece, the government is believed to have agreed on a deal to secure its next bailout payment, while in Portugal, the threat of a destabilizing general election has receded after Prime Minister Pedro Passos Coelho agreed on a deal with Paulo Portas, the leader of his party's main coalition partner, CDS-PP. However, German industrial production fell by more than expected in May: Official figures published today showed a 1% drop, double the 0.5% fall expected by analysts. At 8 a.m. EDT, the FTSE 100 was up 0.14%, while Germany's DAX was up 2.33%.
Today's U.S. economic reports include consumer credit figures for May, which are due at 3 p.m. EDT. Investors may be more likely to continue to analyze Friday's employment figures and to look forward to the minutes of the latest Federal Open Market Committee meeting, which are due to be published on Wednesday afternoon. Producer Price Index inflation data due on Friday will also be of interest and is expected to confirm that inflation remains below Federal Reserve targets.
After the close tonight, Alcoa (AA) is expected to kick off earnings season with its latest quarterly results. Analysts expect Alcoa to report adjusted earnings of $0.08 for the second quarter on revenue of $5.92 billion. Although the firm's results may not always have the bellwether significance they used to possess, many investors still consider the aluminum giant's earnings to be a good indicator for the earnings prospects of the wider market.
Due to report later this week are Yum Brands and Fastenal on Wednesday, followed by JPMorgan Chase and Wells Fargo on Friday.
Xerox stock may also be actively traded today after the firm's share price rose 5.1% in premarket trading this morning following last week's announcement that the firm has agreed to a $15 billion deal to acquire Customer Value Group, a U.K.-based software company.
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