Stock Futures Rise Ahead of Fed as Apple Turns Positive
NEW YORK ( TheStreet) -- Stock futures were moving higher Tuesday as investors await the outcome of the Federal Reserve's two-day policy meeting that begins Tuesday and Apple
Looking to Washington, the Fed is not expected to announce a pullback of its stimulus program given the patchy economic data issued by government agencies over the last few weeks exacerbated by the Republican-led shutdown in Washington.
Futures for the S&P 500 were rising 2.5 points, or 5.04 points above fair value, to 1,761.5, while futures for the Dow Jones Industrial Average up 25 points, or 41.07 points above fair value, to 15,543. Futures for the Nasdaq were up 4 points, or 12.82 points above fair value, to 3,387.3.
Apple was up 1.5% to $537.90. The Cupertino, Calif.-based tech behemoth reported net income of $8.26 per share on $37.5 billion in revenue on Monday as iPhone sales topped 33.8 million during the quarter compared to 26.9 million in the same period a year earlier. The company also sold 14.1 million iPads and 4.6 million Macs during the quarter. Earlier they'd been falling in afterhours trading amid the worries about its future gross margins.
Pharmaceutical giant Pfizer
Retail sales fell 0.1% in September after rising 0.2% in August, the Census Bureau reported Tuesday. That was worse than the uptick of 0.1% expected by economists. Overall though, sales increased in nine of 13 categories despite the headline dip. Retail sales, excluding the auto component, increased by an as expected 0.4% after a 0.1% rise the previous month.
The producer price index gauging inflation from the producer level was subdued in September, down 0.1% after being up 0.3%, the Bureau of Labor Statistics reported. A 0.2% increase was predicted. The core PPI excluding food and energy prices gained by an as predicted 0.1% after being flat the prior month.