Traders on Data Watch

Stocks are set for a flat to slightly higher open ahead of two economic reports.
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Stocks were facing a flat to slightly higher open Tuesday as traders awaited the first economic indicators of a data-heavy week for Wall Street.

Futures on the

S&P 500

were up a point at 1305, trading nearly 2 points above fair value. Nasdaq 100 futures were gaining 3 points to 1573.50 and were in line with fair value.

On tap are two reports that investors will use for clues as to how they should weigh the economy's risks of running up against inflation or getting mired in a slowdown.

The first is the Conference Board's monthly consumer confidence index, which is expected to come in around 102.5, down from 106.5 in July. Confidence probably fell, economists believe, because of the cooling housing market and persistently high energy prices.

This afternoon, the minutes from the

Federal Open Market Committee's

Aug. 8 meeting will be released. At that meeting,

Federal Reserve

policymakers left the fed funds target rate, the rate banks use to charge each other interest for overnight loans, at 5.25%.

That was the first time since June 2004 the Fed had met without hiking rates. Going into the meeting, the central bank had tightened by a quarter-point at 17 straight meetings.

Treasuries were dropping across the board, with the benchmark 10-year note down 4/32 in price and yielding 4.81%. The dollar strengthened against most major world currencies.

Overseas, equities were on the rise. London's FTSE 100 was up 0.6% to 5911, and Frankfurt's Xetra DAX was ahead by 0.2% to 5865. Tokyo's Nikkei added 0.8% to 15,891, and Hong Kong's Hang Seng rose nearly 1% to 17,083.

To view Farnoosh Torabi's video take on today's market, click here

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