The Stock Market Is Headed Higher To Begin The Week

After a rough overnight session in Asia, stocks markets in Europe and the U.S. are rebounding.

S&P 500 futures have rallied over the past few hours and are currently up 0.1%, while U.S. Treasury note futures are negative - marking a reversal of the bearish sentiment that characterized trading earlier this morning.

The dollar is still down slightly against the euro and the yen, but has erased much of its losses from earlier this morning.

The big news overnight and this morning has been the steady stream of purchasing managers index survey data releases from the world's largest economies. Growth in China's services sector is slowing, while growth in the eurozone's manufacturing sector is accelerating. We get a look at U.S. manufacturing from Markit's PMI release at 8:58 AM ET, and then again from the Institute for Supply Management's manufacturing survey results at 10 AM.

The charts below show the action in various markets this morning. Across the top from left to right are S&P 500 futures, the dollar-yen exchange rate, and the euro-dollar exchange rate. Across the bottom are gold futures, 10-year Treasury note futures, and the dollar-Turkish lira exchange rate.