U.S. stock futures edged higher Monday morning following a week where stocks shed some 5%. Housing data will be in focus the next few days, with indication coming today from a builder's index and home-improvement retailer Lowe's (NYSE: LOW). Tomorrow, housing data and Home Depot (NYSE: HD) earnings are on tap. In general, though, investors are more concerned about the economy as the realization sinks in that things are less bad, but not turning good.Meanwhile, the recent rise in oil prices has started to influence more prices at the pump. Oil prices rose above $57 a barrel Monday. While there are signs of weak crude demand, attacks on oil facilities in Nigeria helped support prices. As for consumers, the price of gasoline in the U.S. jumped 25 cents a gallon during the past three weeks, but remains well below prices from a year ago.
Overseas, the big story comes from India. India's benchmark stock index jumped a record 17%, bonds rose and the rupee gained the most in two decades after Prime Minister Manmohan Singh's Congress Party won nationwide elections. While Asian markets that closed before India's news were down, like Japan, the rest closed higher, boosted by India's jump. In Europe, markets also shook off early weakness to trade higher Monday.
No major economic indicators today other than the NAHB housing market index for May, which will be released at 1:00 PM.
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