Futures are rallying

US stocks are starting the week on a firm footing with a rally in futures trading ahead of the open on Monday.

Near 7:46 a.m. ET, Dow futures were up 113 points, S&P 500 futures were up 14 points, and Nasdaq futures were up 32 points. They were all higher by less than 1%.

Stocks are adding to gains made on Friday during the biggest intraday reversal from a plunge in four years. The indexes ended the day up 1%, and the Dow gained 200 points, after a sub-par jobs report. The economy added 142,000 jobs in September, fewer than expected, while the unemployment rate held at 5.1% and average hourly earnings were flat.

Glencore shares went bananas again. Shares jumped as much as 71% in Hong Kong and 13% on the FTSE 100. The stock made big moves last week amid concerns about the company’s financials.

In economic data, Markit’s services PMI and ISM non-manufacturing PMI are due today.

Earnings season unofficially kicks off this week, with aluminium giant Alcoa reporting on Thursday. Some analysts have forecast that given the global macro weakness of the past few months, we could see many downbeat results, and a rough ride for stock prices.

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