* Housing, construction, manufacturing data on tap
* Ford posts profit, shares rise
* CIT bankruptcy puts financials in spotlight
* For up-to-the-minute market news, click []
(Adds analyst comments, byline)
By Rodrigo Campos
NEW YORK, Nov 2 (Reuters) - U.S. stock index futures rose
on Monday, signaling a rebound after the previous session's
steep losses, ahead of data expected to show U.S. manufacturing
grew for a third consecutive month in October.
Ford Motor Co <F.N> shares rose 5.7 percent to $7.40 in
premarket trading after the U.S. carmaker surprised Wall Street
with a quarterly profit supported by cost cuts, improved credit
results, and increased market share. For details see
[].
After weak U.S. consumer sentiment data released on Friday,
investors were bracing for more U.S. macro data on Monday on
construction spending, pending home sales as well as
manufacturing data from the Institute of Supply Management, all
due at 10 a.m. EST (1500 GMT).
Crude futures <CLc1> rose nearly 1 percent, retracing some
of the previous session's 3.6 percent drop, as HSBC's China
Purchasing Managers' Index (PMI) rose to an 18-month high and
helped to allay fears about the pace of the rebound in global
energy demand.
"We did have some good news in out of China. If we get
further news here from the ISM index, that would help the
market and change some of the negative aspects we've had during
the last days," said Peter Cardillo, chief market economist at
Avalon Partners in New York.
The banking sector will be in the spotlight after CIT Group
Inc <CIT.N>, a U.S. lender to hundreds of thousands of small
and medium-sized businesses, filed for bankruptcy on Sunday.
For stories on CIT see [].
Cardillo said the bankruptcy filing by CIT, a lender with
so many clients, was definitely a negative, but had already
been priced into the market's decline on Friday.
S&P 500 futures <SPc1> rose 5.7 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> gained 47
points and Nasdaq 100 futures <NDc1> added 4.25 points.
Comcast Corp <CMCSA.O> and General Electric Co <GE.N> are
closer to a deal to give Comcast a 51 percent stake in NBC
Universal and a formal announcement may be made in the coming
week, the New York Times said, citing people briefed on the
talks. [].
Denbury Resources Inc <DNR.N> has agreed to buy Encore
Acquisition Co <EAC.N> for $3.2 billion to create one of North
America's largest oil production and exploration companies.
[]
Goldman Sachs Group Inc <GS.N> is in talks to buy millions
of dollars of tax credits from Fannie Mae <FNM.N>, but the U.S.
Treasury could block the deal, on concerns it would help
Goldman reduce its tax bill, The Wall Street Journal reported
on Sunday. [].
The Dow industrials slid on Friday 249.85 points, or 2.51
percent, to end at 9,712.73 after its worst slide since July on
concerns that the economic recovery won't be robust enough to
sustain the seven-month stock rally, while financials sank on
renewed worries about Citigroup Inc's <C.N> balance sheet.
The Standard & Poor's 500 Index <.SPX> tumbled 29.92
points, or 2.81 percent, to 1,036.19. The Nasdaq Composite
Index <> dropped 52.44 points, or 2.50 percent, to close
at 2,045.11.
(Editing by Jeffrey Benkoe)
