After ending last Friday’s trading sharply lower, stocks are likely to move back to the upside in early trading on Monday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.8 percent.

A positive reaction to earnings news from Goldman Sachs (GS) may generate early buying interest, as the investment banking company is surging by 4.1 percent in pre-market trading.

The jump by Goldman Sachs comes after the company reported first quarter earnings that far exceeded analyst estimates on better than expected revenues.

Positive sentiment may also be generated in reaction to a Commerce Department report showing much stronger than expected U.S. retail sales growth in the month of March.

The Commerce Department said retail sales climbed by 0.7 percent in March after advancing by an upwardly revised 0.9 percent in February.

Economists had expected retail sales to rise by 0.3 percent compared to the 0.6 percent increase originally reported for the previous month.

Excluding a pullback by sales by motor vehicle and parts dealers, retail sales jumped by 1.1 percent in March after climbing by 0.6 percent in February. Ex-auto sales were expected to rise by 0.4 percent.

Bargain hunting may also contribute to an early rebound on Wall Street, as traders pick up stocks at relatively reduced levels.

The steep drop seen last Friday dragged the Dow down to its lowest closing level in well over two months, while the S&P 500 fell to a nearly one-month closing low.

Shortly after the start of trading, the National Association of Home Builders is scheduled to release its report on homebuilder confidence in the month of April. The housing market index is expected to come in unchanged in April after climbing to 51 in March.

The Commerce Department is also due to release its report on business inventories in the month of February. Business inventories are expected to rise by 0.3 percent in February after coming in unchanged in January.

U.S. stocks closed sharply lower on Friday, as geopolitical tensions, inflation worries and mixed earnings and guidance from major banks rendered the mood a bit bearish.

The major averages all ended in the red. The Dow ended with a loss of 475.84 points or 1.2 percent at 37,983.24. The S&P 500 tumbled 75.65 points or 1.5 percent to 5,123.41, while the Nasdaq settled at 16,175.09, plunging 267.10 points or 1.6 percent.

The Dow shed nearly 2.5 percent for the week, while the S&P 500 and the Nasdaq dropped by about 1.6 percent and 0.5 percent, respectively.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Monday. Japan’s Nikkei 225 Index and Hong Kong’s Hang Seng Index both slid by 0.7 percent, although China’s Shanghai Composite Index bucked the downtrend and jumped by 1.3 percent.

Meanwhile, the major European markets have moved to the upside on the day. While the French CAC 40 Index and the German DAX Index have both jumped by 1.3 percent, the U.K.’s FTSE 100 Index has inched up by 0.1 percent.

In commodities trading, crude oil futures are falling $0.62 to $85.04 a barrel after climbing $0.64 to $85.66 a barrel last Friday. Meanwhile, after inching up $1.40 to $2,374.10 an ounce in the previous session, gold futures are edging down $2.70 to $2,371.40 an ounce.

On the currency front, the U.S. dollar is trading at 154.30 yen versus the 153.23 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0636 compared to last Friday’s $1.0643.