Wall St. opens flat ahead of data
Credit: Reuters/Brendan McDermid
1 of 4. Trader Patrick McKeon (R) works on the floor of the New York Stock Exchange January 30, 2014.
* Markit's final January reading on the factory sector is due at 8:58 a.m, followed by construction spending for December and ISM's manufacturing PMI for January at 10:00 a.m.
* Stocks were pressured late last month by concern about growth in China and as the Federal Reserve confirmed its commitment to withdrawing its market-friendly stimulus. China's service-sector growth slowed down to a five-year low in another sign of its stuttering economic momentum.
* Investors were wary about the outlook for emerging markets, where a recent rout in currencies spurred some central banks to raise interest rates or intervene in markets to limit the swings, in turn pressuring bond and stock holdings and forcing investors to exit in favor of assets perceived as relatively safe like the yen.
* On Monday, Japan's Nikkei share average .N225 fell to a fresh 2-1/2 month low and entered correction territory as it fell more than 10 percent from a high hit December 30. .T
* For January, the Dow tumbled 5.3 percent and the S&P 500 slid 3.6 percent - their worst monthly percentage declines since May 2012.
* S&P 500 e-mini futures were up 3.5 points and pointed higher in terms of fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 30 points and Nasdaq 100 futures were up 6 points.
* Nutrition and weight loss company Herbalife Ltd (HLF.N) estimated fourth-quarter profit and sales above analysts' expectations, sending its shares up 3.7 percent in premarket trading.
* Charter Communications Inc (CHTR.O) is discussing raising its bid for Time Warner Cable Inc (TWC.N) as soon as in the next two weeks, according to people familiar with the matter, a move that could pressure its reluctant rival ahead of a proxy deadline. TWC shares rose 2.3 percent in premarket trading.
* Britain's Smith & Nephew (SN.L) is to buy ArthroCare Corp (ARTC.O) for $1.7 billion in cash to strengthen its treatments for sporting injuries, an area growing faster than its main replacement hips and knees business. ArthroCare shares rose 6.5 percent in trading before the opening bell.
* Companies scheduled to report quarterly results on Monday include Principal Financial Group (PFG.N), Yum! Brands (YUM.N) and Anadarko Petroleum (APC.N).
(Editing by Bernadette Baum)
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