US futures edge down amid political unrest in Egypt

Futures on major U.S. indices point to lower opening on Monday amid continuing political unrest in Egypt.

Futures on the S&P 500 are down 0.13 percent, futures on the Dow Jones Industrial Average are up 0.11 percent and Nasdaq100 futures are down 0.31 percent.

On Friday, widespread protests in Egypt sent the markets down to a sharply lower close with the Dow plummeting 166 points to 11,823. Nasdaq sank 68 points to 2686.

On Monday, the Commerce Department is due to report the personal income and spending for the month of December before the market opens.

Economists have forecast personal income and spending to rise by 0.5 percent and 0.6 percent in December respectively.

Investors also eye the Chicago Purchasing Managers Index (PMI) which is due to be released after market opens. The index is expected to show the strength of manufacturing sector in Chicago region in January. In December 2010, the index rose for the fifteenth consecutive month, reaching its highest level since July 1988.

On the earnings front, companies including ExxonMobil Corporation, Eastman Chemical Company, McKesson Corporation, Gannett, C.R. Bard, Inc. and Roper Industries will release their quarterly earnings during the day.

The euro gained 0.33 percent to 1.3656 against the dollar and the yen rose 0.09 percent against the greenback.

Crude oil futures advanced 0.72 percent to $89.98/barrel and gold futures declined 0.45 percent.

European stock markets are currently trading lower with FTSE 100 down by 42.00 points, DAX30 down by 38.50 points and CAC 40 down by 25.00 points.