Tuesday, May 27, 2014

Market Hustle: Stock Futures Rise Ahead of Durable Goods Orders

NEW YORK (TheStreet) -- U.S. stock futures were signaling a positive start on Wall Street ahead of a busy day for economic indicators. Dow Jones Industrial Average futures were rising 68 points, or 69.73 points above fair value, to 16,654. S&P 500 futures were up 8.25 points, or 6.97 points above fair value, to 1,905. Nasdaq futures were up 18.5 points, or 17.77 points above fair value, to 3,693.5. The spate of economic data expected Tuesday includes durable goods orders for April at 8:30 a.m. EDT, the S&P/Case-Shiller 20-city home price index for March at 9 a.m., the Federal Housing Finance Agency House Price Index for march at 9 a.m., the Markit "flash" PMI services index for May at 9:45 a.m., and the Conference Board Consumer Confidence Index for May at 10 a.m. Durable goods orders are expected to fall 0.5% after gaining 2.6% in March, according to economists. The Case-Shiller 20-city is forecast to increase 11.8% year-over year. "The economic data will continue to be the focus of attention as investors attempt to gauge the tone of the recovery to assess whether the pick-up in U.S. growth momentum is being sustained," noted TD Securities' U.S. research and strategy deputy head, Millan Mulraine. AutoZone is forecast by analysts to report on Tuesday fiscal third-quarter earnings of $8.45 a share on revenue of $2.34 billion. Pfizer was rising 0.58% in premarket trading after pulling the plug on a takeover of British drugmaker AstraZeneca , in what would have been the largest deal in the pharmaceutical industry's history. U.S. stocks gained Friday, with the S&P 500 closing above 1,900 for the first time ever after stronger-than-expected new home sales in April provided further evidence of a housing recovery. -- By Andrea Tse in New York>> Read More: Hey, Economy Doomsdayers, U.S. Stocks Just Closed Above 1,900 Pfizer Pulls Plug on Push to Buy AstraZeneca


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