The Money Edit

Opening bell

Opening bell

S&P futures 7,767.75 0.1%
10Y Treasury 5.28%
Nikkei 225 69,947 2.4%
Hang Seng 0.3% to 24,020
Brent crude 0.1% to $102.31
S&P 500 Friday close 0.7% to 7,722.72

Futures drift lower as Nikkei jumps, Brent tops $102

Overnight

US stocks closed Friday higher after a weak September jobs report cooled expectations of further Federal Reserve rate increases, with the S&P 500 up 0.73% to 7,722.72 and the Nasdaq Composite up 1.19% to 27,190.86. Tokyo took the handoff, as the Nikkei 225 jumped 2.4% to close at 69,947, a three-month high led by chip and bank stocks, while Hong Kong's Hang Seng recovered 0.28% to 24,020 and mainland China stayed shut for its Golden Week holiday. Europe opened mixed, with France's CAC 40 down 0.86% on budget worries, and US futures are drifting slightly lower, as a 10-year Treasury yield near 5.28% and Brent crude above $102 a barrel keep a lid on the rally.

What to watch

The main event is the ISM services index at 10am Eastern, a monthly survey of managers at US service businesses in which any reading above 50 signals the sector is still growing. Economists expect 55.1 against 55.4 last month, and after Friday's soft payrolls number investors will dig into the new orders, employment and prices paid components to see whether the slowdown is spreading past hiring. There are no notable earnings today, and the Federal Reserve's minutes from its September meeting arrive on Wednesday.

Sources