US stocks open higher ahead of economic data

US stocks opened mildly higher on Monday, the first trading day in November, as investors awaited a batch of economic reports this week.

Shortly after the opening bell, the Dow Jones Industrial Average gained 44.09 points, or 0.25 percent, to 17,707.63. The S&P 500 rose 4.78 points, or 0.23 percent, to 2,084.14, Xinhua reported.

The Nasdaq Composite Index was up 11.41 points, or 0.23 percent, to 5,065.15.

Financial data firm Markit reported on Monday that the final read on October manufacturing Purchasing Managers' Index (PMI) picked up to a six month high at 54.1, up from 53.1 in September.

Traders will also look to nonfarm payrolls this week for hints on the timing of interest rate hike from the US Federal Reserve.

The US central bank left the federal funds rate unchanged, but signalled option to tighten policy rate at its next meeting in December, according to the statement released last week following its two-day meeting.

In corporate news, shares of Visa fell over three percent in the early trading on Monday, after the company posted lower-than-expected quarterly profit.

The credit card issuer reported financial results on Monday before the opening bell for the company's fiscal fourth quarter. Visa also announced a definitive agreement for Visa to acquire Visa Europe, creating a single global company.

US stocks closed lower on Friday as the investors digested economic data and quarterly earnings reports but ended October with their best monthly gain in four years.