(RTTNews) - The major U.S. index futures are pointing to a higher opening on Monday, with sentiment receiving a shot in the arm from the positive performance of the European markets. The markets across the Atlantic are seeing strong gains as evidence builds up concerning the strength of the recovery in the economies in the region. Germany reported strong export growth today, while investor sentiment in the euro zone region also seems to be improving significantly. Given the absence of any major economic reports from the U.S., markets could tread waters before tomorrow's FOMC meeting. The prices of commodities are seeing modest strength and are likely to offer some support to markets. U.S. stocks advanced in the week ended August 6th after the mixed performance in the previous week, with commodity and financial stocks leading from the front. The release of some not-so-disappointing economic reports helped to offset the weakness triggered by profit taking that picked up pace in reaction to some discouraging economic reports. Last Monday, propelled by strong manufacturing sector reports from the U.S. as well as Europe and solid earnings, the major averages moved up notably, rising about 2% each and settling at 3-month highs. However, stocks retreated on Wednesday following the release of a report that showed anemic personal income and spending growth. The major averages all ended moderately lower. The markets received support from a fairly encouraging private sector employment report on Wednesday, with the major averages closing moderately higher in the session. Worries about Friday's jobs data and selling due to profit taking took the sheen out of the markets on Thursday, as the major averages closed modestly lower. On Friday, stocks languished below the unchanged line for much of the session before closing off the lows of the session after the Labor Department's non-farm payrolls report came in weaker than expected. For the week, the Dow Industrials ended up 1.79%, the S&P 500 Index added 1.82% and the Nasdaq Composite Index gained 1.50%. Among the sector indexes, the NYSE Arca Oil Index and the Philadelphia Oil Service Index rose 4.27% and 3.68%, respectively, while the NYSE Arca Gold Bugs Index rose 3.92%. The KBW Bank Index rallied 5.41% compared to a 3.03% advance by the NYSE Arca Securities Broker/Dealer Index. Currency, Commodity Markets Crude oil futures are rising $0.66 to $81.36 a barrel after advancing $1.75 or 2.22% to $80.70 a barrel in the week ended August 6th. Last Monday, oil extended its previous week's gains, advancing about $1.40-a-barrel after manufacturing data and positive earnings lent support to the commodity. Oil gained additional ground on Tuesday and rose over $1.20-a-barrel, taking cues from the dollar's weakness.

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