Stock Futures Rise Ahead of Confidence, Housing Data
NEW YORK ( TheStreet) -- Stock futures were rising Tuesday as investors awaited U.S. consumer confidence and housing data.
Futures for the Dow Jones Industrial Average were up 30 points, or 39.08 points above fair value, at 13,519. Futures for the S&P 500 were up 2.80 points, or 4.06 points above fair value, at 1454. Futures for the Nasdaq were up 9 points, or 10.12 points above fair value, at 2847.
"Of this week's reports, the two we feel most strongly about relative to the consensus are due today: Case-Shiller home prices and Conference Board consumer confidence," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics. "Both are likely to be stronger than the consensus."
On the confidence data, O'Sullivan said, "We have seen such bounces before in what has been an up-and-down recovery over the past three-plus years, with growth losing momentum again before long ... from a short-term trading perspective at least, a bounce in confidence could set the tone for a variety of other September data."The S&P/Case-Shiller 20-city home price index will be released at 9 a.m. EDT. At 10 a.m., the Conference Board's Consumer Confidence Index will be issued; the read is expected to rise to 63 from 60.6. Also on Tuesday's economic calendar is the Federal Housing Finance Agency House Price Index at 10 a.m. In Europe, a meeting on the state of the euro economic and currency union is expected between European Central Bank President Mario Draghi and German Chancellor Angela Merkel. The international markets were mixed Tuesday. The FTSE in London was up 0.04% and the DAX in Germany was falling 0.16%. Hong Kong's Hang Seng index settled up 0.02% and the Nikkei in Japan closed up 0.25%. The benchmark 10-year Treasury was rising 3/32, pushing the yield down to 1.704%. The greenback was down 0.06%, according to the dollar index. November crude oil futures were rising $1.01 to $92.94 a barrel. December gold futures were higher by $7.70 at $1,772.30. In corporate news, Caterpillar (CAT - Get Report), the heavy equipment company, said Monday it was taking a measured view of the global economy over the next few years, issuing a 2015 forecast below estimates. Yahoo! (YHOO) CEO Marissa Mayer is expected to unveil her strategy Tuesday for turning around the struggling Internet giant. Reports said Mayer will probably focus on search and ad technology. Red Hat (RHT - Get Report), the software maker, on Monday came in a penny short of Wall Street's profit expectations for its fiscal second quarter. Paychex (PAYX), the payroll processor, on Monday posted fiscal first-quarter earnings that narrowly topped analysts' estimates. Jabil Circuit (JBL), a provider of electronics manufacturing services, is expected by analysts Tuesday to report fiscal fourth-quarter earnings of 58 cents a share in the August-ended quarter on revenue of $4.22 billion.
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