Stock futures are rising Monday, pointing to a higher opening after Wall Street ended a disappointing January with a loss.
The White House, meanwhile, sent Congress a $3.83 trillion budget proposal that contains would spend more to combat unemployment but also anticipates a record-setting budget deficit.
A handful of economic reports, including personal income data, are expected to be released that could shed more light on the state of the recovery.
Exxon Mobil Corp., the world’s largest publicly traded oil company, reported before the market opened that its fourth-quarter earnings tumbled 23 percent. But its shares rose as the results beat Wall Street estimates.
Meanwhile, Toyota is revealing its plans to fix gas pedals in more than 2 million vehicles being recalled in the U.S. The pedals can get stuck or are slow to return when released, increasing the risk of a crash.
Overseas markets were mixed.
Dow Jones industrial average futures rose 53, or 0.5 percent, to 10,070. Standard & Poor’s 500 index futures rose 6.20, or 0.6 percent, to 1,076.60, while Nasdaq 100 index futures rose 5.50, or 0.3 percent, to 1,744.75.
Stocks ended a disappointing January with a loss as worries about future economic growth and company profits weighed on investors. The Dow fell 0.5 percent on Friday, and is now down 6.1 percent since reaching its 15-month high of 10,725.43 on Jan. 19.
On Monday, President Barack Obama sent the U.S. Congress a $3.83 trillion budget that would pour more money into the fight against high unemployment and boost taxes on the wealthy. The nation’s unemployment rate currently sits at 10 percent.
The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year’s then unprecedented $1.41 trillion gap. The deficit would remain above $1 trillion in 2011.
The Commerce Department reports later Monday on personal spending and income for December. Economists forecast that spending rose 0.3 percent in the last month of the year after rising 0.5 percent in November. Income is also expected to rise 0.3 percent, after rising 0.4 percent in November.
The report is expected at 8:30 a.m. EST.
Later in the morning, the government will also release a report on construction spending for December. Forecasts expect spending fell 0.5 percent in December, after falling 0.6 percent in November.
And the Institute for Supply Management issues its manufacturing index for January. Economists expect that the index fell to 55.5 in January, down from 55.9 in December. A reading of 50 or above means the sector is growing.
Both the construction spending and manufacturing index reports are set for release at 10 a.m. EST.
Meanwhile, bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.63 percent from 3.60 percent late Friday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.09 percent from 0.06 percent.
The dollar mostly rose against other major currencies, while gold prices rose.
Overseas, Japan’s Nikkei stock average rose 0.1 percent. In afternoon trading, Britain’s FTSE 100 was up 0.2 percent, Germany’s DAX index was up 0.1 percent, and France’s CAC-40 was down 0.1 percent.
