U.S. stock-index futures were trading higher today, with updates about the labor market and consumer spending on tap, while investors eye speeches by Federal Reserve officials as interest-rate hikes loom.
Futures for the Dow Jones Industrial Average were up 0.4 percent to 17,955, and those for the S&P 500 picked up 0.4 percent at 2,107. Nasdaq futures were up 0.4 percent to 4,533.
U.S. stocks slipped yesterday amid worries over Greece’s debt negotiations. The Dow fell 1 percent to 17,966.07 and the S&P 500 lost 0.7 percent to 2,108.58.
For the year, the Dow has added 0.8 percent and the S&P has gained 2.4 percent, through yesterday’s close. The Nasdaq Composite has surged 8.2 percent in the same period.
Investors are also watching the Greek standoff. Talks between Greece and its international creditors stumbled, with euro zone finance ministers accusing the country of refusing to compromise ahead of a deadline next week when an International Monetary Fund loan of $1.8 billion comes due.
DATA/FED TALK:
The U.S. labor market is still showing plenty of vigor, the latest look at layoffs shows.
The number of people who applied for unemployment benefits in the period running from June 14 to June 20 rose by a scant 3,000 to 271,000, the Labor Department said today. Initial jobless claims have been under the key 300,000 level for 16 straight weeks, the longest stretch since 2000-2001.
Consumer spending surged 0.9 percent in May to mark the biggest gain in six years, as consumers splurged on new autos but also spent more to fill up their gas tanks. Spending for April and March were also raised a bit, according to revised figures from the Commerce Department. Personal income, meanwhile, rose a solid 0.5 percent for the second month in a row, the government said today.
Financial firm Markit releases its Purchasing Managers Index for June at 9:45 a.m., which is expected to have increased slightly to 56.7 from 56.2 in May.
At 9:45 a.m., Fed Gov. Jerome Powell will talk about retail payment-system security. Powell on Tuesday said he believed economic conditions may allow for two rate hikes before the end of the year.
Ahead of Powell, Federal Reserve Gov. Daniel Tarullo, a voting member of the Fed’s rating-setting committee, will talk about the economy and financial regulation at the Council on Foreign Relations in New York at 8 a.m.
MOVERS:
Molycorp (NYSE:MCP) fell 39 percent after the rare earths miner filed for bankruptcy protection to restructure $1.7 billion of debt.
Cree (NASDAQ:CREE) fell 7.5 percent, a day after the provider of lighting-class light emitting diode (LED) products cut its revenue forecast for the fourth quarter.
Winnebago Industries (NYSE:WGO) rose 6.3 percent after the motorhomes maker reported a 7.6 percent rise in quarterly revenue helped by higher shipments of its motorhomes.
Eli Lilly (NYSE:LLY) increased 1.2 percent in premarket New York trading after saying a U.K. court ruled in its favor in a vitamin patent suit. The drugmaker’s rating was also raised to “buy” at Bank of America.
Fitbit (NYSE:FIT) climbed 2 percent after Leerink Partners rated the maker of fitness-tracker bracelets similar to a “buy”.
Citigroup (NYSE:C) added 0.5 percent after data compiled by Freeman & Co. showed the U.S. bank more than quadrupled investment banking fee income in the Middle East in the first five months of this year.
Netflix (NASDAQ:NFLX) fell 1.3 percent ahead of the bell after Societe Generale cut the online-streaming service to “sell” from “buy”.
Bed Bath & Beyond (NASDAQ:BBBY) shaved off 2.3 percent after the retailer reported quarterly results that missed expectations.
OTHER MARKETS:
In Europe, Germany’s DAX added 0.2 percent and France’s CAC-40 was up less than 0.1 percent.
Asian stocks markets dropped, leaving the Shanghai Composite down more than 3 percent and Japan’s Nikkei Average down 0.5 percent.
COMMODITIES:
Brent crude for August delivery rose 0.2 percent to $63.65 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures for July were trading down 0.4 percent at $60.97 a barrel.
Spot gold was at $1,174.60 an ounce, little changed from the previous session, while U.S. gold futures for August delivery were up $1.00 at $1,173.90.