Stock Futures Rise on Improving Global Outlook
NEW YORK (TheStreet) -- U.S. stock futures were rising Friday ahead of reports that are expected to point to improvement in the economy.
Futures for the Dow Jones Industrial Average were gaining 12 points, or 24.3 points above fair value, at 12,986. Futures for the S&P 500 were up 2.1 points, or 3.4 points above fair value, at 1365. Futures for the Nasdaq were up 2.5 points, or 8.6 points above fair value, at 2603.
Stocks closed up Thursday as data showed surprising resilience in German business confidence and further stabilization in U.S. jobless claims.
The final University of Michigan/Thomson Reuters index of consumer sentiment for February will be released at 9:55 a.m. EST. It's expected to show a reading of 72.8, up from 72.5 previously.
At 10 a.m., the Census Bureau's report on new-home sales for January is expected to show sales climbing to a nine-month high at a 315,000 annual rate after falling to a 307,000 annual clip in December.
"We see no reason to argue too vehemently with that consensus," said Dennis Gartman, the notable investor and publisher of The Gartman Letter. "It seems quite reasonable to us, but if we must argue we'll argue that the consensus is a bit low and that 330 thousand would be our 'guess.'"
Ian Shepherdson, chief U.S. economist at High Frequency Economics, is looking for a big upside surprise from new home sales, estimating the number at 350,000. He cited the strong performance of the homebuilder stocks over the past few months, saying it "suggests something is stirring in the new home market," as well as the weather.