* Manufacturing, construction spending data due
* Investors look ahead to Fed meeting, mid-term elections
* Futures up: S&P 5.5 pts, Dow 51 pts, Nasdaq 7.25 pts
* For up-to-the-minute market news see []
(Adds Baker Hughes, Simon Property, Corning results byline,
quote, updates prices)
By Angela Moon
NEW YORK, Nov 1 (Reuters) - U.S. stock index futures rose
on Monday, buoyed by strong Chinese manufacturing data as
investors awaited a new batch of economic reports to kick off a
week marked by mid-term elections and the U.S. Federal
Reserve's monetary policy meeting.
Resource-related stocks were in focus as crude oil futures
<CLc1> jumped 0.7 percent on expectation the Fed would add
monetary stimulus this week and prompt further weakness in the
dollar.
Commodity prices were boosted as Chinese manufacturing
expanded at the fastest pace in six months in October. Key base
metals prices also rose 1.3 to 1.9 percent. For details, see
[]
The Institute for Supply Management releases its October
manufacturing index at 10 a.m. EDT (1400 GMT). Economists in a
Reuters survey expected a reading of 54.0 versus 54.4 in
September.
Also at 10 a.m., the Commerce Department reports on
September construction spending. Economists forecast a drop of
0.5 percent, compared with a 0.4 percent rise in the prior
month.
The Fed looks likely to announce it will relaunch heavy
bond buying after two days of meetings end on Wednesday. Most
analysts expect the size and the scope of asset purchases to be
about $100 billion a month, starting with a plan to buy $500
billion in bonds between now and early 2011.
In Tuesday's mid-term congressional elections, Republicans
look set to take control of the U.S. House of Representatives,
while Democrats are expected to retain control of the Senate,
setting up the prospect of legislative gridlock. []
"The election and the (Federal Open Market Committee)scenarios are priced in already, so it will be the economic
data this week that will be changing peoples' expectations and
China started that off (well), calming investors' nerves in
light of China's attempt interest rates hikes ... more
importantly, it is leading to weakness in the dollar that is
obviously good for stocks," said Peter Boockvar, equity
strategist at Miller Tabak & Co in New York.
The dollar index <.DXY> dipped 0.2 percent.
U.S. stocks ended flat Friday, but wrapped up another
strong month as hopes of a new round of quantitative easing
have weakened the dollar while giving a boost to risky assets
such as equities and commodities.
S&P 500 futures <SPc1> rose 5.5 points and were above 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 <DJc1> gained 51
points, and Nasdaq 100 futures <NDc1> rose 7.25 points.
The Commerce Department will also release September
personal income and consumption data at 8:30 a.m. (1230 GMT).
Economists look for a rise of 0.2 percent in September income
and a 0.4 percent increase in spending. In the previous month,
income rose 0.5 percent and spending increased 0.4 percent.
Corning Inc <GLW.N> posted quarterly profit and revenue
that missed estimates early Monday. The stock was down 3.1
percent at $17.71 in premarket trade. []
Oilfield services company Baker Hughes Inc <BHI.N> reported
a surge in quarterly profit that beat expectations. Baker
Hughes edged up 0.2 percent at $46.50 premarket.
[]
Simon Property Group Inc <SPG.N>, the largest U.S. mall
owner, said quarterly funds from operations fell after one-time
charges. []
U.S. chipmaker Intel Corp <INTC.O> has agreed to make chips
for startup firm Achronix Semiconductor Corp, marking the first
time Intel has given another company access to its most
advanced production processes. []
(Reporting by Angela Moon; editing by Jeffrey Benkoe)
