MARKET SNAPSHOT: U.S. Stocks: Futures Higher At The Start Of Holiday-shortened Week

By Anora Mahmudova and Carla Mozee, MarketWatch OPEC meeting in focus this week

NEW YORK (MarketWatch) -- U.S. stock futures built on their multi-week run of gains on Monday, as investors were still reacting positively to liquidity actions from China's central bank last week.

Equities in Asia rallied, while European stocks rose after better-than-expected data from Germany.

Futures for the Dow Jones Industrial Average (DJZ4) rose 43 points, or 0.2%, to 17,823, and those for the S&P 500 index (SPZ4) tacked on 6 points, or 0.3%, to 2,067. Futures for the Nasdaq 100 (NDZ4) climbed 15 points, or 0.4%, to 4,264.

The economic calendar is light with just the Dallas Fed Manufacturing Survey due at 10:30 a.m. Eastern Time. But later in the week, which will be interrupted by Thanksgiving on Thursday, investors will receive a stack of updates on housing, inflation and a revision in third-quarter gross domestic product for the U.S.

U.S. stocks ended Friday's session higher guided by gains in the materials sector after China moved to bolster its economy by cutting interest rates. The S&P 500 (SPX) closed up 0.5% higher and ended the week up by 1.2%.The Dow Jones Industrial Average (DJI) rose 1% for the week and the Nasdaq Composite (RIXF) added 0.5%.

Need to know: Relax, stocks will only rise 5% next year

OPEC spotlight: Energy stocks also rose ahead of Thursday's meeting of the Organization of Petroleum Exporting Countries, where members are facing calls to cut production to counteract the recent slide in crude-oil prices. Ahead of Wall Street's open, light, sweet crude futures for January delivery (CLF5) turned lower, but remained above $76 a barrel, which until recently represented a four-year low for the price of oil.

"Plenty of headwinds to OPEC action remain, but we see greater prospects for either a stronger enforcement of the quota or an outright cut of the quota," said Morgan Stanley commodity analysts led by Adam Longson, in a Monday note.

A rising likelihood that a Monday deadline on an agreement to curb Iran's nuclear program will be extended may factor into decisions at OPEC, "but even last week, Libya called for stronger enforcement of the existing 30 mmb/d quota, and most oil exporters are calling for at least some action to settle oil markets," said Morgan Stanley.

Stocks to watch:Tesla (TSLA) is in talks with German automaker BMW about working together to develop batteries and collaborate over light-weight parts, Tesla's Chief Executive Elon Musk told German weekly Der Spiegel. Shares were 1% higher in premarket trade.

Apple Inc.'s (AAPL) price target at Susquehanna was raised to $135 from $120. Shares were up 0.3% at $116.81 in premarket action.

Diversified industrial conglomerate United Technologies Corp. (UTX) said Chairman and Chief Executive Louis Chenevert will retire, effective immediately, after 22 years with the company. United Technologies also affirmed its 2014 per-share earnings and sales outlooks. Shares were unchanged ahead of the bell.

Trina Solar Ltd. (TSL) shares fell premarket after the company posted flat profit on revenue growth of 13% for the third quarter.

Other markets: European stocks got a bang out of the Germany's IFO business-climate survey, and the Hang Seng and Shanghai Composite indexes each leapt nearly 2% in a first chance to react to China's rate cuts. Read Craig Stephen's column on whether investors should buy into China's rate-move.

Gold futures (GCZ4) was mostly unchanged at $1,198, and the dollar(USDJPY) topped Yen118.

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