U.S. Markets closed

Morning reading: Small pieces of the big picture

What to watch, courtesy of Yahoo! Finance's Elizabeth Trotta:

World stocks advanced and U.S. futures are pointing toward a higher open as data on jobs, manufacturing, and oil begin to roll in.

U.S. employers said they intend to slash their workforce by 51,114 in August, 47% more than a year prior but down 23% from 66,414 in July, according to a report from Challenger Gray & Christmas.  Wall Street will pay particular attention to those figures and the ADP report on private sector employment changes, trying to glean clues on the health of the U.S. jobs situation ahead of the government's August unemployment report on Friday.

Data earlier in the morning showed applications for U.S. home mortgages dropped last week as demand for refinancing continued to suffer. The Mortgage Bankers Association's index of mortgage activity fell 9.6%; the index of refinancing activity tumbled 12.2%.

Economic Data:

7:00 MBA Mortgage Activity Index  (previous: -2.4%)

7:30 a.m Challenger Job Cuts (previous: 59.4%)

8:15 a.m. ADP Employment Change (previous: 114K)

9:45 a.m. Chicago PMI (previous: 58.8)

10:00 a.m. Factory Orders (previous: -0.8%)

10:30 a.m. Crude Oil Inventories

Early Headlines

World stocks rise as selloffs create bargains

U.S. mortgage applications tumbled last week: MBA

Housing market: Foreclosures to the rescue

CEOs Earned More Than Companies' Tax Bills

Japan backs Sony, Toshiba, Hitachi LCD merger

Asia to add 1.66 million millionaires by 2015: study

Gold surge draws prospectors, thieves worldwide

Oil hovers near $89 amid surprise US supply jump

Financial Times pulls its apps from Apple store

WikiLeaks says website was target of cyber attack