Before the bell: U.S. stock futures rose
U.S. stock futures rose, indicating the Standard & Poor’s 500 Index may rebound from its worst weekly loss in a year, as President Barack Obama announced a deal to increase the federal debt limit and avoid a default.
Bank of America Corp. (BAC) and Citigroup Inc. (C) paced a rally in financial shares, rising at least 2 percent.
Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) gained more than 1.5 percent as oil advanced from a two-week low.
Humana Inc. (HUM) climbed 5.4 percent after the managed health- care company forecast higher-than-estimated earnings.
A report today may show that manufacturing probably grew in July at about the same pace as a month earlier, showing sales overseas are helping shield U.S. factories from a slowdown in consumer spending. The Institute for Supply Management’s manufacturing index fell to 54.5 last month compared with 55.3 in June, according to the median estimate of economists.