Stock Futures Waver Ahead of Manufacturing Data
NEW YORK (TheStreet) -- Stock futures were edging up Tuesday ahead of a key U.S. manufacturing activity report.
Futures for the Dow Jones Industrial Average were up 14 points, or 11.4 points above fair value, at 13,169. Futures for the S&P 500 were up 0.9 points, or 0.6 points above fair value, at 1395, and futures for the Nasdaq were ahead by 1.8 points, or 1.4 points above fair value, at 2721.
Stocks finished modestly lower Monday, marking the first monthly decline for the S&P 500 and Nasdaq in 2012, as shaky U.S. economic data dominated the headlines.
The Institute for Supply Management's April gauge of U.S. manufacturing activity will be released at 10 a.m. EDT. Economists surveyed by Thomson Reuters expect the index slipped to 53 from a reading of 53.4 in March. A reading of more than 50 indicates growth in activity.
The highlight of the economic calendar this week is Friday's April nonfarm payrolls report. The economy added only 120,000 jobs in March, about half the gains posted in the previous three months, disappointing investors who were hoping for continuing signs of a strengthening economy.
Eurozone debt fears, specifically economic worries for Spain continued to linger as well as the country has now slipped into recession again after reporting on Monday that its gross domestic product shrank for a second straight quarter. Standard & Poor's slashed the credit ratings of several of the Spanish banks as the first-quarter GDP report was released Monday.
A brighter spot in the global economic headlines Tuesday was China, which looks to be on track for a soft landing, after posting a modestly stronger read on its industrial sector. The country's official purchasing managers' index rose to 53.3 last month, its strongest in more than a year, from 53.1 in March.