Stock futures strengthened and pointed to a very upbeat open as equities look to bounce back from heavy losses in the past two weeks.Nasdaq 100 futures rallied 24 points vs. fair value, S&P 500 futures climbed 10 points and Dow futures gained 82 points.
In corporate news, JPMorgan upgraded shares of Goldman Sachs(GS), citing its ability to manage risk. On the flipside, JPMorgan downgraded Deutsche Bank (DB) to underweight from neutral.
According to media reports, French drugmaker Sanofi-Aventis(SNY) is looking to buy a U.S. biotech. Buyout targets include Allergan (AGN), Biogen Idec (BIIB) and Genzyme (GENZ).
Elsewhere, Australia's central bank held its key interest rate steady at 4.5% for the second straight month and sounded less dovish than before.
Gold erased earlier gains and fell $5.2 to $1,202.50 an ounce. The euro climbed to $1.2585 from $1.2556 late Friday.
The ISM nonmanufacturing index is due out at 10 a.m. EDT. Economists expect a reading of 55, down from 55.4 in May. Last week, the market suffered from a barrage of worst-than-expected manufacturing, housing and jobs data.
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