2/21/2012 6:37 AM ET
(RTTNews) - U.S. stocks futures point to a higher open on Tuesday, although they have come off their highs. Despite the news of the Eurogroup approving a second round of 130 billion euros-worth of bailout package for Greece offering cheer, the euphoria could slowly fade away due to the fact that markets have already priced in such a development. With the Greek worries now shelved at least for the time being, the focus now shifts back to macroeconomic fundamentals. A couple of key retail earnings and the direction of commodity prices may also set the pace of trading in today's session.
Meanwhile, Spain auctioned 2.25 billion euros worth of treasury bills, at the top end of its target, and the yield were also notably below previous auctions, signaling the easing of financial strains in debt-ravaged Europe.
As of 6:30 am ET, the Dow futures are rising 33 points, the S&P 500 futures are moving up 2.30 points and the Nasdaq 100 futures are advancing 0.25 points.
U.S. stocks reversed close and closed higher in the week ended February 17th, with rallies by financial, resource and semiconductor stocks helping to keep the recent upward momentum broadly intact. The Dow ended at its highest closing level in nearly 4 years, with the index now tantalizingly close to the 13,000 mark.
The unfolding week's economic calendar is very light, with only a couple of housing readings and a consumer sentiment report possessing the potential to move markets. Traders are expected to focus on the National Association of Realtors' existing home sales for January, the Commerce Department's new home sales report for January, the weekly jobless claims data and the final reading of the Reuters and University of Michigan's consumer sentiment survey for February.
The Federal House Finance Agency's house price index for December, a regional manufacturing survey and the Treasury auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.
The Chicago Federal Reserve's National Activity Index used for measuring overall economic activity and inflationary pressure is set to be released at 8:30 am ET.
The Treasury is also set to announce the results of the auction of 2-year notes at 1 pm ET.
In corporate news, Cabot Oil (COG) reported better than expected fourth quarter adjusted earnings. Operating revenues rose to $268.03 million from the year-ago quarter's $22.46 million. Separately, the company said it had total proved reserves of 3.02 trillion cubic feet equivalents, representing an increase of 22 percent on a pro forma basis.
Nordstrom (JWN) said its board has approved an $800 million stock buyback program. The board also approved a 17 percent increase in its quarterly dividend to 27 cents per share. Meanwhile, FMC (FMC) approved a $250 million new stock buyback authorization and a 29 percent increase in its quarterly dividend to 19 cents per share.
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