US pre-open: Stocks seen slightly higher ahead of earnings, PMIs
Updated : 11:40
US futures pointed to a slightly firmer start on Wall Street as investors awaited data on the services and manufacturing sectors and more earnings releases.
At 1135 GMT, Dow Jones Industrial Average and Nasdaq futures were up 0.3%, while S&P 500 futures were 0.2% higher. Stock markets were closed on Monday for Presidents Day.
Meanwhile, oil prices were stronger, with West Texas Intermediate up 1.3% to $54.73 a barrel and Brent crude up 1.7% to $57.14.
Spreadex’s Connor Campbell said: “Looking ahead to the US open and, after yesterday’s (ironic) President’s Day break, the Dow Jones is set to build on last week’s record-breaking close, the futures suggesting the index will cross 20650 after the bell.
“Like the eurozone, the main focus in the US will be on this afternoon’s flash manufacturing and services PMIs, the first to cover fully-Trumped period of time; the former is forecast to slip to 55.0 to 54.7 month-on-month, while the latter is expected to increase slightly to 55.8 from 55.6.”
Markit’s manufacturing and services purchasing managers’ indexes are due at 1445 GMT.
In corporate news, Home Depot was on the front foot in pre-market trade after its fourth-quarter sales and earnings came in ahead of analysts’ expectations.
Retailers were likely to be in focus, with Macy’s and Wal-Mart Stores also slated to report earnings ahead of the opening bell.
Elsewhere, US-listed shares of HSBC Holdings could be active after the bank delivered a reported profit before tax for 2016 of $7.1bn that was down 62% on the prior year.
Kraft Heinz shares slumped 4% in pre-market trade as investors in the US got their first chance to react to news over the weekend that it has abandoned its takeover plans for London-list consumer goods group Unilever, whose US-listed shares tanked 8%.
Investors will be watching out for speeches by Federal Reserve officials, with Philadelphia Fed President Patrick Harker, Minneapolis Fed President Neel Kashkari and San Francisco Fed President John Williams all due to speak later on Tuesday.