US pre-open: Futures edge higher ahead of important week for central banks

US stock futures edged marginally higher on Monday, ahead of an important week on the macroeconomic front.

The Dow Jones Industrial Average is expected to open approximately up 16 points, while the S&P 500 and the Nasdaq are set to begin the first session of the week one and nine points higher respectively.

“The US is going to dictate the overall direction of trading this week, especially with an incredibly important non-farm Friday on the cards,” said Spreadex’s financial analyst Connor Campbell.

Following a shortened week which culminated in the Thanksgiving celebrations, on Thursday Wall Street will closely monitor a policy meeting at the European Central Bank and a speech by Federal Reserve Chairwoman Janet Yellen.

Meanwhile, on Friday, investors will analyse the last job report ahead of the Fed’s December policy meeting, while OPEC’s two-day meeting in Vienna, Austria also concludes on the same day.

On the macroeconomic front, Monday sees the release of the Chicago Purchasing Managers’ Index for November at 1445 GMT, followed by a report on pending home sales for October at 1500 GMT.

A reading on the Dallas Fed manufacturing activity for November is scheduled for release at 1530 GMT.

Elsewhere, Asian stocks began the week on a mixed note, as the rebound in Chinese stocks was halted by the ongoing investigation into a number of brokerages, while European stocks edged higher.

The dollar rose 0.17% against both the yen and the pound and gained 0.15% against the euro, while gold spot was unchanged at $1,057.46.

Oil prices advanced, with West Texas Intermediate gaining 0.67% to $41.99 a barrel, while Brent crude rose 0.97% to $45.30 a barrel.

In company news, retailers are expected to be in focus as investors will assess their performances over the holiday weekend of sales.