Market Hustle: Stock Futures Rebound After Monday's Nosedive
NEW YORK (The Street) --- U.S. stock futures were pointing to a slightly higher open Tuesday after global markets slumped the prior day, ahead of Federal Reserve speakers and factory data.
- Futures for the S&P 500 were rising 1.76 above fair value to 1,737.75 while futures for the Dow Jones Industrial Average were 13.20 above fair value to 15,319.0. Futures for the Nasdaq were 2.40 higher over fair value to 3,435.3.
- U.S. Markets fell heavily on Monday, with the S&P 500 shedding more than 2%, after poor manufacturing data from the U.S and China along with lackluster sales figures from market bellwethers Ford
and General Motors .
- The economic calendar is relatively empty on Tuesday. In Fed speak, Richmond Federal Reserve Bank President Jeffrey Lacker's speech on the economic outlook in Winchester, Va., is scheduled for 8:30 a.m. EST while Chicago Federal Reserve Bank President Charles Evans will speak on monetary challenges at 12.30 p.m. in Detroit.
- Factory orders data is due at 10 a.m. EST. Expectations are for a 1.8% contraction after a 1.8% expansion in November.
- Stocks expected to see price action include Yum Brands
, Anadarko Petroleum and Take-Two Interactive . Shares of Yum gained 3.7% in extended trading Monday after it beat expectations to earn 86 cents a share on an adjusted basis. Anadarko shares were down in extended trading after it announced a fourth-quarter loss of $770 million from a profit of $203 million in the prior period. And shares in Take-Two fell slightly even after its third-quarter earnings rose to $578.4 million from $70.9 million a year ago.
- In company news, Walt Disney
plans to lay off hundreds of staff at its interactive-media unit after it posts results on Wednesday, according to The Wall Street Journal.
- In other news, Australia's Reserve Bank of Australia held interest rates steady at 2.5% Tuesday, and removed the dovish tone in its commentary, causing the Aussie to gain against the greenback.
- Germany's DAX was shedding 0.91% while the FTSE was off 0.41%. The Hang Seng closed 2.89% lower while the Nikkei dived 4.18%.
-- Written by Jane Searle in New York