US Stock Futures Turn Higher With European Markets as Oil Gains

U.S. stock futures turned higher close to the open on Monday, following euro zone markets up as oil futures gained, even as Greek’s anti-austerity party won Sunday’s elections.

Earlier, the Dow Jones Industrial Average and the S&P 500 futures had pointed to a lower open amid uncertainty about how the Greek election might impact the euro zone.

West Texas Intermediate crude for delivery March 15 rose 0.6% to $ 45.87 while Brent crude was higher 0.3% at $ 48.94.

In economic data out Monday, the Dallas Fed general business activity index, out at 10:30 a.m. E.T. is expected to be at 4.0 for January, down from 4.1 in December and within the wide consensus range of a decline to -5.0 and an increase to positive 7.3, according to data compiled by Econoday.

The week will also bring data on new home sales in December on Tuesday; the Federal Open Market Committee is expected to leave rates unchanged on Wednesday and on Friday, data are expected to show that GDP grew 3.2% in Q4, down from 5.0% in Q3.

In equities, Rock-Tenn Company ( RKT ) rose nearly 7% and MeadWestvaco ( MWV ) jumped nearly 14% before the market open after the two companies agreed to merge in a transaction with a combined equity value of $ 16 billion. Later Monday, Microsoft ( MSFT ) reports earnings after the market closes. MSFT was higher 0.3%.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.05%

-S&P 500 futures up 0.08%

-Nasdaq 100 futures up 0.18%

-Nasdaq-100 Pre-Market Indicator up 0.12%

GLOBAL SENTIMENT

Nikkei down 0.25%

Hang Seng up 0.24%

Shanghai Composite up 1.01%

FTSE-100 down 0.03%

DAX-30 up 0.94%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(-) Chip stocks: unchanged to lower

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+/-) Drug stocks: mixed

(+/-) Financial stocks: mixed

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(-) Airlines: lower

(+/-) Autos: mixed

UPSIDE MOVERS

(+) OCN (+25.5%) Reaches $ 2.5 million settlement with California mortgage regulator

(+) HCA (+5.0%) To join S&P 500

(+) RMTI (+16.7%) Gets FDA OK for Triferic iron replacement

(+) CNET (+26.3%) Launches BIDU partnership

(+) BCLI (+7.9%) Reports positive autism treatment study

(+) LACO (+14.3%) To merge with Sartini Gaming at 37% premium

(+) OLED (+22.9%) Strikes license, supply deal with LPL

(+) DHI (+6.9%) Q1 results top estimates

(+) SHPG (+2.1%) Gets fast track designation from FDA for Hunter syndrome drug

(+) AXS (+3.3%) Agrees to merger of equals with PRE (-2.6%)

(+) CLF (+3.7%) Reduces net debt balance, eliminates quarterly dividend

DOWNSIDE MOVERS

(-) GWW (-3.9%) Cuts FY guidance

(-) NSC (-1.7%) Q4 revenue misses views

(-) STX (-3.4%) Reports in-line fiscal Q2 results