Stocks were poised to open higher as investors return from the holiday weekend. The positive sentiment is a carry-over from Friday when the Labor Department reported that nonfarm payrolls rose by 162,000. With the job market showing signs of improvement, investors will look to corporate profits to see if it is sustainable. The latest quarterly earnings period gets underway next week when Alcoa reports first-quarter results.
Today, we will see the Institute of Supply Management’s Non-Manufacturing Index, which is expected to rise, and the February pending home sales index, which is expected to have fallen.
The rest of the week’s economic calendar is fairly light. On Wednesday, the Fed reports on consumer credit. On Thursday, we will see retail sales data and the weekly jobless claims number, and we end the week with wholesale inventories.
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