* Consumer spending unchanged in March; inflation subsides
* Tribune Media jumps on buyout talks
* Futures up: Dow 40 pts, S&P 5.75 pts, Nasdaq 17.25 pts (Adds details, comment, updates prices)
By Tanya Agrawal
May 1 (Reuters) - Wall Street looked set to open higher on Monday after U.S. Congress negotiators averted a government shutdown later this week by hammering out a federal funding deal late on Sunday.
The House of Representatives and Senate must approve the deal before the end of Friday, as must President Donald Trump, to keep the government funded through the end of Sept. 30.
“We have some renewed optimism that the market strength will continue helped by strong earnings and as a government shutdown was averted,” said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey.
“We’re also coming off a weak trading session on Friday, and investors are keeping an eye on the jobs report later this week.”
Dow e-minis were up 40 points, or 0.19 percent, with 9,865 contracts changing hands at 8:34 a.m. ET 91234 GMT).
S&P 500 e-minis were up 5.75 points, or 0.24 percent, with 53,968 contracts traded.
Nasdaq 100 e-minis were up 17.25 points, or 0.31 percent, on volume of 11,833 contracts.
Trading volume is expected to be light, with many markets in Asia and Europe closed for Labor Day.
A host of economic data is expected this week, culminating with the monthly jobs report on Friday. The Federal Reserve’s two-day meeting that starts on Tuesday could shed policymakers’ insights into weak first-quarter economic growth.
Data released on Monday showed U.S. consumer spending was unchanged in March for a second straight month and the overall monthly inflation rate fell for the first time in a year. But, when adjusted for inflation, consumer spending, increased 0.3 percent, ending two straight months of decline.
Other data due includes the Institute for Supply Management releases its manufacturing index for April at 10 a.m. ET, which is expected to show a slightly lower reading of 56.4.
Markit Manufacturing PMI final figures for April and construction spending numbers for March are also expected.
Stocks edged lower on Wall Street on Friday after data showing the U.S. economy grew at its weakest pace in three years in the first quarter gave traders a reason to cash recent gains.
However, Wall Street’s major indexes ended with gains for April, helped by strong quarterly earnings.
Overall, profit at S&P 500 companies are estimated to have risen 13.6 percent in the first quarter, the most since 2011, according to Thomson Reuters I/B/E/S.
Shares of Caterpillar were up 0.77 percent at $103.05 in premarket reading. Barron’s said the stock could rise another 20 percent over the next year, helped by Trump’s policies.
Dish Network fell 1.46 percent to $63.50 after the satellite TV provider’s quarterly revenue missed expectations.
Tribune Media jumped 9.14 percent to $39.90 after Reuters reported Twenty-First Century Fox is in talks with Blackstone to buy the television station operator. Fox shares were down 0.30 percent at $30.45. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D’Souza)