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Stock Futures Rise as European Markets Hit 5-Year High

NEW YORK (TheStreet) -- U.S. stocks were set to open higher Wednesday as European markets hit a five-year high amid speculation of further easing moves from the region's central bank.

 
Domestically, U.S. investors are looking ahead to crucial jobs and economic growth figures this week.
 
S&P 500 futures were rising 6.78 over fair value to 1,757.72 while Dow Jones Industrial Average futures were up 58.78 over fair value to 15,551.22. Nasdaq futures were gaining 10.18 over fair value to 3,381.62.
 
The Stoxx Europe 600 Index was up 0.53% to its highest level since May 2008 as companies including Vestas Wind Systems and ING Groep (ING) boosted full-year profit forecasts and beat on earnings. Sluggish economic data from Europe has increased speculation the European Central Bank may provide further easing measures.
 
Companies expected to see price movement in early trade include 21st Century Fox (FOXA), which announced profit that fell short of projections.
 
The world's second-biggest gold producer Newmont Mining (NEM) added 0.73% to $27.55 in premarket trade as gold futures climbed.
 
Tesla Motors (TSLA), the electric car maker, beat Wall Street's estimates for third-quarter earnings after market close Tuesday but disappointed on deliveries. Its shares were off 10.64% to $157.98 in premarket trade.
 
Abercrombie & Fitch (ANF) stock also lost ground after the retailer announced a 14% drop in same-store sales while total sales slipped 12% to $1.03 billion in the third quarter. Its shares were off 6.42% to $35.89 in premarket trade.
 
Whole Foods Market (WFM) is projected to report fiscal fourth-quarter earnings of 31 cents a share, with analysts suggesting the company is well-placed for expansion.
 
The most anticipated tech float of the year, Twitter, will price Wednesday before its shares begin trading on the New York Stock Exchange on Thursday. Twitter raised pricing on its IPO to between $23 to $25 a share on Monday, with speculation that pricing could move even higher.
 
The economic calendar is light as investors look ahead to GDP and jobless claims later this week. The EIA Petroleum Status Report at 10.30 a.m. EST will be watched for information on petroleum inventories, which help determine prices in the U.S.
 
Global markets were mostly higher amid solid corporate earnings. The Hang Seng closed down 0.01% to 23,036.94 while the Nikkei was up 0.79% to 14,337.31. Germany's DAX was rising 0.42% to 9,046.70 while the FTSE was gaining 0.05% to 6,750.02.
 
December oil futures were rising 0.63% to $94.00 while gold futures were up 9.9 to $1317.9. The US dollar was falling 0.25% to $80.50 while the yield on ten year Treasuries was rising 11/32 to 2.63 according to the U.S. dollar index.
 
A GDP report Thursday is expected to show the U.S. economy grew 2% annualized in the third quarter, down from 2.5% in the prior three months. Payroll figures on Friday are expected to rise by 120,000 in October, with the jobless rate increasing to 7.3% from 7.2%.
 
By Jane Searle in New York

Stock quotes in this article: ^IXIC, ^DJI, ^GSPC, ING, TSLA, TWX, RL, WFM 
Copyright 2013 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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