US pre-open: Stocks seen flat as investors eye data releases

US futures pointed to a muted open on Wall Street as investors paused for breath after the Dow notched up a new record closing high on Monday.

At 1140 GMT, Dow Jones Industrial Average and S&P 500 futures were flat, while Nasdaq futures were just 0.1% firmer.

In Europe, the main indices edged higher as banking stocks in Italy recovered from the heavy losses suffered on Monday after Prime Minister Matteo Renzi conceded defeat in the referendum and announced his resignation.

Spreadex analyst Connor Campbell said: “Looking to the afternoon and the US session continues Tuesday’s trend of offering little for investors to chew over, leaving the Dow futures facing a rather flat open after the bell.

“The one number of note is the US factory orders reading, expected to climb to 2.5% from 0.3% month-on-month.”

Meanwhile, oil prices were a little weaker, with West Texas Intermediate down 0.3% to $54.80 a barrel and Brent crude 0.6% lower at $51.48. The next focus in oil markets will be a meeting on Sunday between members of OPEC and non-OPEC countries to discuss a deal to curb production.

In corporate news, drug developer TherapeuticsMD surged in pre-market trade as the company announced positive data late on Monday from a menopause drug trial.

Toll Brothers pushed up in pre-market trade after the luxury homes builder posted a better-than-expected jump in revenue for the fourth quarter.

Elsewhere, Ford Motor was likely to be in focus after announcing plans late on Monday to raise $2.8bn in new long-term financing.

In currency markets, the dollar was down 0.2% versus the pound, flat against the euro and 0.3% firmer versus the yen.

FXTM research analyst Lukman Otunuga said sentiment towards the greenback remains bullish, with rising optimism over Donald Trump boosting fiscal spending, cutting tax and increasing infrastructure spending ensuring the currency remains buoyed.

As the Federal Reserve enters its ‘blackout period’ ahead of the monetary policy meeting on 13-14 December, there will be no more appearances from officials.

However, investors will have a slew of data releases to look to, with trade balance and non-farm productivity due at 1330 GMT, and factory orders and durable goods orders at 1500 GMT.