Wall Street set for higher open ahead of data

Futures on major U.S. stock indices point to higher opening on Tuesday ahead of economic data including S&P/CaseShiller house price index.

Futures on the S&P 500 are up 0.14 percent, futures on the Dow Jones Industrial Average are up 0.10 percent and Nasdaq100 futures are up 0.11 percent.

Investors will focus on Conference Board consumer confidence index and S&P/CaseShiller house price index for the latest signs of how the US economy is performing.

S&P/CaseShiller house price index for the month of October will be released before the market opens, which is expected to show further decline. Some economists are warning that the housing market could suffer a double-dip next year, in stark contrast to bullish expectations for the overall economy in 2011.

The Conference Board will release its consumer confidence index for the month of December after the market opens. Economists are forecasting that confidence may rise to 56.10 from 54.10 of previous month.

On the corporate front, shares of American International Group will be in focus after it secured more than $4-billion in credit lines from banks. The company shares advanced 2.19 percent to $59.38 in pre-market trading on Tuesday.

US stocks finished narrowly mixed on Monday in very light trading as a monstrous snow storm on the East Coast likely kept many traders home and a rate hike over the weekend by China dampened some investor sentiment.

The euro advanced 0.32 percent to 1.3206 against the dollar and the yen gained 1 percent against the greenback.

Crude oil futures advanced 0.33 percent to $91.30/barrel and gold futures gained 1.03 percent.

European stock markets are currently trading higher with DAX30 up by 5.39 points and CAC 40 up by 13.13 points.