US STOCKS-Futures higher as budget eyed; Exxon on tap

* Investors digest Obama budget plans

* Exxon results, manufacturing ISM on tap

* Futures up: Dow 37 pts, S&P 3.9 pts; Nasdaq 5.3 pts

* For up-to-the-minute market news, click [STXNEWS/US]

NEW YORK, Feb 1 (BestGrowthStock) – U.S. stock index futures rose
on Monday after closing their worst month in nearly a year and
as investors digested President Barack Obama’s budget plans and
awaited earnings from Exxon Mobil Corp (XOM.N: ).

* The president unveiled a budget that projected the 2010
deficit soaring to a post World War Two high of $1.56 trillion,
or 10.6 percent of the economy, but falling steeply in
following years to half that level by the time his term ends in
2012. [ID:nN31151861]

* In the latest political event to worry investors China
reacted angrily after the United States unveiled its first arms
package for Taiwan, which Beijing regards as a renegade
province, saying it would impose unspecified sanctions on the
companies involved. [ID:nTOE610003]

* S&P 500 (SPc1: ) futures rose 3.9 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration of the contract.
Dow Jones industrial average (DJc1: ) futures gained 37 points, and
Nasdaq 100 (NDc1: ) futures added 5.3 points.

* On the macroeconomic front, investors awaited U.S. data
for personal income and construction spending at 8.30 a.m.
(1330 GMT) as well as the Institute for Supply Management’s
January manufacturing index at 10 a.m. (1400 GMT).

* Japan’s Nikkei average finished flat on Monday as
investors picked up shares of companies that reported bullish
earnings, while shares of Toyota Motor Corp (7203.T: ), which had
fallen almost 14 percent in the past week on its recall woes,
slipped 1.2 percent. [.T]

* European stocks were led lower by energy shares such as
Total (TOTF.PA: ) and BP (BP.L: ). The FTSE Eurofirst 300 was
trading down 0.2 percent. [.EU]

* U.S. stocks (Read more about the stock market today. ) dropped on Friday, as worries about fiscal
turmoil in Europe and a drop in technology stocks pushed the
S&P 500 to its worst monthly decline since February 2009.

* The recent sell-off has seen the S&P 500 tumble 6.7
percent in the last eight trading sessions with political risks
such as bank regulation and sovereign defaults unsettling
investors.

Stock Market
(Reporting by Edward Krudy; Editing by W Simon )

US STOCKS-Futures higher as budget eyed; Exxon on tap