US futures tick up

Comment on this story
WallStreet1234 Reuters. A Wall Street sign is pictured outside the New York Stock Exchange in New York.

New York - US stock index futures edged up on Wednesday, with technicals in focus and scant key items on the US economic calendar, following yet another record close on the benchmark S&P 500 index.

* Investors' appetite for equities continued on the back of strong US economic data and expectations of monetary easing by the European Central Bank, while the euro was seen weakening further from a 2-1/2 year high hit earlier this month and the US 10-year yield hovered near its lowest since October.

* The S&P 500 was poised for a fifth straight day of gains, which would be its second-longest run this year.

The index closed at 1,911.91, near the 1,910 area seen as technical resistance.

Support kicks in at 1,900 and then at the 14-day moving average, now near 1,887.

* Upbeat earnings from Toll Brothers could push homebuilders higher while retailers Michael Kors and DSW told diverging stories about consumer spending.

* S&P 500 e-mini futures rose 3 points and fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract, indicating a higher open.

Dow Jones industrial average e-mini futures rose 25 points and Nasdaq 100 e-mini futures added 5 points.

* Toll Brothers shares added 3.3 percent in premarket trading after the largest US luxury homebuilder said quarterly profit more than doubled as it sold more homes at higher prices.

* Michael Kors Holdings reported a 59 percent jump in quarterly profit as sales of its handbags and watches surged in North America. Shares were up 3 percent in trading before the bell.

* Footwear retailer DSW tumbled 15 percent in premarket trading after reporting a drop in sales.

* Workday Inc's shares rose 5.7 percent in premarket trading a day after posting first-quarter revenue that jumped 74 percent on strong subscription growth for its web-based human resources software. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.