“U.S. stock futures rose, signaling the Standard & Poor’s 500 Index will rebound from its biggest weekly drop in five months, as the Group of 20 finance ministers failed to oppose Japan’s monetary policies at a meeting.
Power-One Inc. soared 56 percent in early New York trading after ABB Ltd. agreed to buy the maker of solar-power inverters for about $1 billion. Eldorado Gold Corp. and Barrick Gold Corp. each gained more than 3 percent as the price of the precious metal rose. Caterpillar Inc. (CAT)fell 0.9 percent after cutting its revenue forecast for the year.
S&P 500 (SPX) futures expiring in June advanced 0.4 percent to 1,554 at 7:39 a.m. in New York. The equity gauge fell 2.1 percent last week, its biggest drop since November, as earnings from Bank of America Corp. and International Business Machines Corp. missed estimates and asChina’s economy unexpectedly slowed. Contracts on the Dow Jones Industrial Average climbed 50 points, or 0.4 percent, to 14,520 today.
“It’s encouraging to see that there’s no resistance from the G-20 leaders to Japan’s monetary policies,” Veronika Pechlaner, who helps manage about $1.5 billion as investment manager atJersey, Channel Islands-based Ashburton Ltd., said by phone. “Markets are taking that as a positive as they expect the trend in quantitative easing and yen weakness to continue.”
