Stock Futures Trace Gains in Overseas Markets
NEW YORK (TheStreet) -- Stock futures were pointing to a higher open on Wall Street Tuesday, looking to extend the prior session's gains and tracking advances in overseas markets.
Futures for the Dow Jones Industrial Average were rising 35 points, or 40.18 points above fair value, at 14,151. Futures for the S&P 500 were up 3.5 points, or 5.45 points above fair value, at 1529.25. Futures for the Nasdaq were higher by 8 points, or 9.12 points above fair value, at 2768.
The ISM non-manufacturing index is scheduled to be released at 10 a.m. EST and expected to show a rise to 55 in February from 55.2 in January.
"The gradual upward trend in the ISM non-manufacturing index since the summer of last year probably continued in February," said Amna Asaf, an economist at Capital Economics, in a note. "But businesses remain cautious about the outlook and the effect of higher payroll taxes."
Richmond Federal Reserve Bank President Jeffrey Lacker speaks at the National Association of Business Economics annual conference in Washington at 2 p.m.
Major U.S. stock averages rose Monday as confidence about continued stimulus support from global central banks offset worries surrounding the Chinese government's five-point plan to curb rising home prices and U.S. budget impasse. The Dow finished at 14,127.82, inching closer to its all-time high of 14,164.53.
"It's a mistake to fight the tape, and those of us who do, and certainly I've been guilty of that, more times than not of late ... and therefore the surprise about how well the market does," Ted Weisberg, president of Seaport Securities, told TheStreet late Monday.
The FTSE 100 in London was rising 0.78% and the DAX in Germany was ahead by 1.6% as eurozone finance ministers agreed to a bailout for Cyprus by the end of March, though details of how to arrive at a rescue package had not yet been worked out.
Hong Kong's Hang Seng index closed up by 0.1%, while the Nikkei Average in Japan rose 0.27% as China's outgoing premier Wen Jiabao told parliament that the country's growth target would remain at 7.5% for 2013.
Gold for April delivery was gaining $9.10 to $1,581.50 an ounce at the Comex division of the New York Mercantile Exchange, while April crude oil futures were increasing 22 cents to $90.34 a barrel.