Stock futures up before home, consumer data
U.S. stock index futures rose on Tuesday as investors looked to upcoming data for clues the economy was stabilizing, while corporate news, including about Apple Inc, supported early gains.
Apple
Verizon shares were up 2.9 percent in premarket trade at $31.30 while Apple shares gained 2.3 percent to $237.64.
New York-traded shares of UBS AG
Tuesday's economic diary includes the January S&P/Case-Shiller index, due at 9:00 a.m., and March consumer confidence data, due at 10:00 a.m.
S&P/Case-Shiller's 20-city home price index is forecast to dip 0.2 percent in January from December, according to a Reuters poll, and a separate report on March consumer confidence is expected to show a monthly rise in the index to 50.0 from 46.0.
We expect to see more supportive data today, said Craig Peckham, equity trading strategist at Jefferies & Co in New York.
The home price data, which is really the foundation for economic recovery, will show that despite the foreclosure pressures that are very real, we are actually getting a slight upward grind in home prices on a sequential basis.
Key labor market data is due Friday, with a U.S. Labor Department report expected to show the economy created about 190,000 jobs in March, but investors will have to be brave enough to bet ahead of the data release because the U.S. stock market will be closed for the Good Friday holiday.
S&P 500 futures rose 2 points and were in line with fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 20 points, and Nasdaq 100 futures added 5.75 points.
Wall Street ended higher on Monday as miners and energy companies advanced on weakness in the U.S. dollar and investors bought recent high fliers as the quarter's end approached.
The Dow is up 4.5 percent for the quarter so far, down from gains of 7.4 percent in previous quarter, while the Nasdaq is on track for a 6 percent gain this quarter versus an increase of 6.9 percent in the fourth quarter.
Toyota Motor Corp
U.S. drug maker Eli Lilly
(Reporting by Angela Moon; Editing by Padraic Cassidy)
© Copyright Thomson Reuters 2024. All rights reserved.