After economic optimism took the major averages to multi-year highs, Wall Street may opt to pause for a breather. The U.S. index futures point to a subdued start on Wall Street on Monday. Corporate earnings continue to trickle in, although most of the earnings scheduled for the day aren’t likely to be market movers. Main Street activity for the week is also light, with markets likely to show some theoretical interest in the factory orders report scheduled for the day. After Asian stocks meandered to a mixed close, the European markets are in the red amid the release of some disappointing domestic data.
The Dow futures are declining 17 points and the S&P 500 futures are down 2.60 points, while the Nasdaq 100 futures are losing 2 points. U.S. stocks extended their gains in the week ended February 1st, thanks to some benign economic data and positive corporate earnings. These twin catalysts kept the momentum going despite the overbought levels of the markets. The unfolding week’s economic calendar is light, with only a handful of key economic data important enough to lend direction to the markets. The focus of the week is likely to be on the results of the Institute for Supply Management’s non-manufacturing survey for January, the jobless claims report and the Commerce Department’s trade balance report for December.