NEW YORK - Investors are looking to start a holiday-shortened week on a positive note. U.S. stock futures are slightly higher in early trading Monday, amid mixed moves in overseas markets. Stocks in Asia were lower, while European markets advanced.
Investors were pleased by data showing that European business and consumer confidence rose for a third straight month. Still, the European Commission took a cautious stance, saying the economic rebound in Europe is relatively subdued.
That report echoes the wary outlook in the U.S. As the second quarter comes to a close, investors are at a crossroads. After running up the market more than 30 percent in three months, investors have become more skeptical of the economy's recovery in recent weeks amid a mixed bag of data. Though the Dow Jones industrial average is still up 28.9 percent from a 12-year low on March 9, it has fallen 4.1 percent from a five-month high on June 12.
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There is little by way of economic or corporate news scheduled for Monday, however this week, which is shortened by the Independence Day holiday on Friday, brings key data that will give investors a better sense of where the economy is headed.
Of particular importance is the government's monthly employment report, due Thursday. Though considered a lagging indicator of the country's economic health, the unemployment rate is still one of the most closely watched gauges of the economy. The labor market is intricately tied to many facets of the economy, including consumer spending.
Investors will also get readings on consumer confidence and manufacturing this week.
Ahead of the market's open, Dow Jones industrial average futures gained 30, or 0.4 percent, to 8,403. Standard & Poor's 500 index futures rose 3.60, or 0.4 percent, to 917.50, and Nasdaq 100 index futures added 8, or 0.5 percent, to 1,484.75.
Last week, the major indexes finished mixed. The Dow Jones industrial average fell 1.2 percent; the Standard & Poor's 500 index slipped 0.3 percent; and the Nasdaq composite index rose 0.6 percent.
One point of interest Monday will be the sentencing of Bernard Madoff, the mastermind behind a multibillion dollar Ponzi scheme.
Madoff pleaded guilty in March to securities fraud and other charges. Prosecutors are seeking a 150-year jail sentence, while his lawyers are insisting that 12 years in prison is sufficient punishment.
Bond prices were slightly higher early Monday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, slipped to 3.50 percent from 3.53 percent late Friday.
The dollar was mixed against other major currencies, while gold prices rose.
Light, sweet crude for August delivery rose 78 cents to $69.94 in electronic trading on the New York Mercantile Exchange.
Overseas, Japan's Nikkei stock average fell 1.0 percent. In afternoon trading, Britain's FTSE 100 rose 0.5 percent, Germany's DAX index rose 1.1 percent, and France's CAC-40 was up 1.3 percent.
