* S&P 500 coming off biggest weekly decline since June
* Volumes may be slight on Veteran's Day, bond market closed
* Apple shares up in premarket, settles patent dispute
* Futures up: Dow 36 pts, S&P 5.1 pts, Nasdaq 9.5 pts
By Ryan Vlastelica
NEW YORK, Nov 12 U.S. stock index futures rose
on Monday as upbeat economic data from China indicated a
slowdown in the country may be easing, though concerns remained
about the growth outlook in the United States and Europe.
The S&P 500 fell 2.4 percent last week, the worst week for
the index since June, closing below its 200-day moving average
for the first time in five months. That level is a measure of
the market's long-term trend, and staying below it could portend
further losses ahead.
Those losses were partly propelled by concerns over the
fiscal cliff, a combination of government spending cuts and tax
increases set to go into effect early next year unless Congress
acts to change the law before then. Though most consider it
unlikely that no deal will be reached, analysts fear going over
the cliff could push the economy back into recession.
" If the cliff were to occur, it would be very devastating
for the economy, which is why it is hard to think that last week
was much of an over reaction," said Oliver Purshe, president at
Gary Goldberg Financial Services in Suffern, New York, adding
that the odds of going over were "very low."
Data showed over the weekend that China's export growth
climbed to a five-month high above 11 percent, beating
expectations and adding to recent data suggesting the country's
seven straight quarters of slowing economic growth have ended.
"Any bit of positive news from China will swing things
upward here," Pursche said. "There's a little bit of pent-up
desire to bounce back today."
Also overseas, the Greek parliament on Sunday approved an
austerity budget for next year, a necessary step to unblock a
new tranche of credit from the European Union and International
Monetary Fund before the government runs out of cash. Still,
investors remain concerned about whether the EU and IMF will
agree to send the next tranche.
S&P 500 futures rose 5.1 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 added 36
points and Nasdaq 100 futures rose 9.5 points.
Trading volume may be slight on Monday, with many traders
out for the Veteran's Day holiday. While the stock market is
open, the bond market isn't.
Apple Inc rose 0.9 percent to $551.90 in premarket
trading after the company announced a global patent settlement
with HTC Corp, as well as a 10-year licensing
agreement. The settlement ends one of the first major
conflagrations of the smartphone patent wars. Apple shares have
been under pressure recently, dropping into bear market
Yahoo Inc rose 1.1 percent to $17.45 before the
bell after Alibaba Group, of which Yahoo owns 24
percent, reported strong growth in its latest quarter.
Homebuilder D.R. Horton Inc reported fourth-quarter
earnings that beat expectations, helped by a jump in orders.
According to Thomson Reuters data through Friday, of the 449
companies in the S&P 500 that have reported earnings, 63.3
percent have topped analysts' expectations - slightly above the
62 percent average since 1994, but below the 67 percent beat
rate over the past four quarters. Only 38.2 percent of companies
have topped revenue expectations, well below the 62 percent
average since 2002.
U.S. stocks rose on Friday, helped by strong consumer
sentiment data, but hardly made a dent in the week's losses as
investors turned their attention from the presidential election
to the coming negotiations over the fiscal cliff.