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Wall Street seeks fresh start as new month begins

Katy Barnato
Wall Street seeks fresh start as new month begins

Investors are happy to be turning the calendar page Monday morning, with the Dow Jones Industrial Average (Dow Jones Global Indexes: .DJI) and S&P 500 (^GSPC) coming off their second consecutive January selloff, posting their biggest monthly losses since the same month in 2014.

U.S. stock index futures pointed to a mixed open, ahead of the last heavy week of earnings season. Dow and S&P futures traded higher, while Nasdaq futures were lower.

Eighty-five S&P 500 (^GSPC)-listed companies will post quarterly results this week, along with three Dow (Dow Jones Global Indexes: .DJI) components. Those reporting on Monday include Exxon Mobil (XOM), Sysco (SYY) and Rent-A-Center (RCII).

Economic data due out during the day include the ISM Index for January, along with construction spending and personal income and spending.

Asian data out earlier showed that manufacturing activity in China is still contracting . China's final HSBC Purchasing Managers' Index (PMI) fell to 49.7 in January, a touch below its 49.8 flash reading. The 50-point mark separates expansion from contraction.

Greece's new left-wing government began what one analyst called a "charm offensive" on Sunday, in an effort to persuade its euro zone partners to soften the terms of its international bailout. The government has already started to reverse austerity measures unpopular in Greece that were a condition of its current bailout agreement.

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In a budget plan to be unveiled on Monday, President Barack Obama will call for a one-time, 14 percent tax on profits piled up abroad by multinationals , such as General Electric (GE) and Pfizer (PFE). He will also seek to impose a 19 percent tax on U.S. companies' future foreign earnings.