U.S stock futures point to a higher opening Wednesday morning as traders look for more clues on the economy from a slew of economic data after the FOMC revised its growth rate expectations for the next two years. Traders will focus on the customary jobless claims report, weekly inventories report, durable goods report, personal income & consumption report, the final report on consumer sentiment index based on the Reuters/University of Michigan survey and new home sales report.
As of 6.15 am ET, the Dow futures were up 37.00 points, the S&P futures were up 4.90 points, and the tech-heavy Nasdaq 100 futures were up 7.75 points.
Traders will be presented with a slew of economic data to digest and assess the state of the economy ahead of the the Thanksgiving holiday tomorrow.
At 8.30 am ET, the Commerce Department will present the durable goods orders report for October. Economists expect a 0.5% rise in durable goods orders for the month.
The Bureau of Economic Analysis will release the personal income & outlays report for October by the at 8.30 am ET which might throw light on savings ahead of the holiday season. Economists estimate the report to show that personal income as well as personal spending rose 0.1% in the month.
Traders will also focus on the customary weekly jobless claims report for the week ended November 21, slated for release by the Labor Department at 8.30 am ET. Economists expect that weekly jobless claims declined slightly to 500,000 from 505,000 reported for the previous week.
Trader focus will also be on the new home sales report for October to be released by the Commerce Department at 10.00 am ET, to assess the health of the housing sector. Economists predict that new home sales for the month rose to 404,000.
In addition, the Reuters/University of Michigan's final report on the consumer sentiment index for November is scheduled to be released at 9:55 AM ET. Economists expect the index to rise to 67 from the preliminary reading of 66 revealed earlier, but expecting it to remain below the October reading of 70.6.
The customary oil inventories report for the week ended November 20 will be presented by the Energy Information Administration at 10.00 a.m ET. The inventory data might provide direction to the crude oil prices which is struggling to surpass the $80 a barrel mark despite the weaker dollar.
Before the market opens for trading, manufacturer and distributor of agricultural products Deere & Co (DE) and jewelry maker Tiffany & Co. (TIF) are among the major companies that will release their quarterly results.
Traders will also react to the earnings reported by the companies after the markets closed for trading in the previous session.
Business software and services provider Blue Coat Systems, Inc. (BCSI) reported a swing to profit in the second quarter, primarily on a decline in operating expenses. Earnings for the quarter, as well as revenues came in ahead of Street estimates. Looking ahead, Blue Coat has forecast strong earnings for the third quarter in line with analysts' expectations.
Apparel retailer J. Crew Group, Inc. (JCG) said that its third quarter profit more than doubled from last year, helped by higher sales and improved margins. The company's quarterly earnings per share came in above analysts' as well as its own expectations.
Oil Light sweet crude oil price for January delivery is presently quoted at $76.05 a barrel, up $0.03 from its previous close of $76.02 a barrel in New York on Tuesday.
Dollar The U.S. dollar is presently trading weaker against the euro, the pound and the yen. The dollar fell below the 88-yen mark for the first time in 10 months.
World Markets The markets across Asia ended in positive territory after the FOMC in the U.S revised the growth expectations for the world's largest economy higher on improving signs of recovery. Bargain hunting at lower levels and oversold stocks and increasing optimism about recovery prospects lifted the market sentiment. The European markets are trading in positive territory at present led by commodity and bank stocks.
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