A previous version of this story gave an incorrect number of outlets involved in the KFC deal. The story has been corrected.
Collins is buying 28 KFC restaurants from Yum! Brands
U.S. stocks were set to kick off the week on a sound footing Monday, with futures rising alongside a rally in oil prices and investors looking ahead to data that should provide a health check on consumer confidence.
Futures for the Dow Jones Industrial Average YMU7, +0.30% rose 62 points, or 0.3%, to 21,401, while those for the S&P 500 index ESU7, +0.23% added 6.10 points, or 0.2%, to 2,440.75. Futures for the Nasdaq-100 index NQU7, +0.30% climbed 19 points, or 0.3%, to 5,831.25.
The upbeat mood premarket comes after stocks finished mostly higher on Friday. In that session, investors scooped up energy shares, battered after crude oil prices CLQ7, +0.79% dropped to a 10-month low earlier in the week. The S&P 500 SPX, +0.16% ended 0.2% higher, and the Nasdaq Composite Index COMP, +0.46% climbed 0.5%, but the Dow average DJIA, -0.01% ended marginally lower.
On Monday, energy-related companies continued to perform well, tracking a more than 1% jump in oil prices. Shares of Chesapeake Energy Corp. CHK, +1.56% climbed 2.4% premarket, while ConocoPhillips COP, +0.04% added 1.7% and Exxon Mobil Corp. XOM, +0.65% put on 0.4%.
Other stock movers: Shares of Yum! Brands Inc. YUM, +0.38% advanced 1.8% before the bell after Australian company Collins Foods Ltd. CKF, -0.96% said it is buying 28 KFC restaurants from the fast food chain operator.
Economic news: A report on durable goods orders for May is due at 8:30 a.m. Eastern Time.
Economists expect a decline in orders at the same rate as last month, “which is likely to indicate that U.S. consumers are only slightly rebounding and inflation is not likely to rise further which, in turn, adds more credence to the Federal Reserve holding off on any near-term rise in U.S. interest rates,” said analysts at FxPro in a note.
The Chicago Fed national activity index for May is also out at 8:30 a.m. Eastern. See MarketWatch’s Economic Calendar.
In central bank news, San Francisco Fed President John Williams said at a speech in Australia that gradual hikes in interest rates are needed to avoid overheating the U.S. economy. Fed governor Jerome Powell will give a speech at the Salzburg Global Seminar in Salzburg, Austria, at 6 a.m. Eastern.
The dollar traded mixed against other major currencies, while gold GCQ7, -1.15% stumbled more than 1%.