A decline in oil prices and a firmer dollar helped send U.S. stock market futures higher on the first trading session of 2005.
March-dated S&P 500 futures climbed 5.6 points Monday at 1,219.30 and March-dated Nasdaq 100 futures added 9.5 points at 1,638.00.
Milder weather in the U.S. than some anticipated put pressure on crude-oil futures, which weakened 80 cents to $42.65 per barrel.
Auto stocks were among the better performing in Frankfurt amid the oil price decline, with DaimlerChrysler rising 1.5 percent.
Several key international markets were still shut, notably London and Tokyo.
The dollar saw some strength ahead of a raft of data this week, that starts with the ISM manufacturing survey Monday. The dollar was at 102.76 yen, and the euro was trading hands at $1.3519.
Data on factory orders, the ISM non-manufacturing survey on Wednesday and the December jobs report also will be released this week.
Brokers were active to start the new year, with changes in ratings taking a mostly negative slant.
On the positive side, Internet portals Google and Yahoo had fourth quarter revenue and EBITDA forecasts upped overnight by Goldman Sachs, with the broker in part citing strong online advertising trends indicated by its channel checks with media buyers.
Merrill Lynch downgraded Citizens Communications to neutral, as Citizens' share price is close to its price objective of $14.50 and Merrill expects the number of high payout/high leverage ILECs to increase significantly.
XL Capital downgraded to neutral from overweight by Prudential Equity Group, with the broker citing valuation concerns, less confidence in its EPS estimates for XL, and lack of a near term catalyst. And J.P. Morgan overnight upgraded medical products group Stryker Corp. to overweight while it downgraded Boston Scientific to neutral. For Stryker, J.P. Morgan said several pressures that have been weighing on Stryker's stock -- including the retirement of John Brown as CEO, acquisition risk and its hip business -- should ease during 2005.
The same broker cut Boston Scientific to neutral, saying Street estimates are in all likelihood too high, and a series of clinical trials and litigation events bring with them incremental risk.