Stock Futures Gain on Prospects for Improving Consumer Confidence
NEW YORK ( TheStreet) -- Stock futures were pointing to a rebound Tuesday after the S&P 500 posted its first weekly decline in five weeks ahead of what's expected to be improved consumer confidence and home price reports and amid a pair of acquisitions.
Futures for the S&P 500 were gaining 13 points, or 15.09 points above fair value, to 1,663.5 after a long weekend in the U.S.
Royal Caribbean Cruises
Futures for the Dow Jones Industrial Average were adding 114 points, or 145.5 points above fair value, to 15,421. Futures for the Nasdaq were tacking on 27.75 points, or 29.9 points above fair value, to 3,020.
U.S. stocks posted their first weekly decline in five weeks last week on concern the Federal Reserve may wind down its stimulus program. Chairman Ben Bernanke indicated Wednesday that the central bank may be ready to curb its bond buying if economic conditions improve. An unexpected contraction in China manufacturing activity further dampened sentiment, contributing to the Nikkei's 7.3% plunge on Thursday.
Considering global concerns, "the 1.1% drop in the S&P 500 last week was relatively subdued and once again confirms the resilience of the bull market in the U.S.," Ed Yardeni, New York-based chief investment strategist at Yardeni Research, said in a note.
At 9 a.m. EDT, the S&P/Case-Shiller 20-city home price index is expected by economists to show a gain of 10.2% for March, up from 9.3% in February, according to a Thomson Reuters poll.
The release will be followed by the Conference Board's Consumer Confidence Index at 10 a.m. A rise to 71.1 in May from 68.1 in April is expected.
The DAX in Germany was rising 1.08%, while the FTSE 100 in London was gaining 1.67%. The Hong Kong Hang Seng finished up 1.05% and the Nikkei in Japan settled higher by 1.2%.