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%.
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