US pre-open: Stocks to rise ahead of consumer confidence, home price data
US stocks looked set for a positive open on Tuesday following losses in the previous session, as investors looked ahead to the latest readings on consumer confidence and home prices.
At midday, Dow Jones Industrial Average futures were up 0.7%, while S&P 500 and Nasdaq futures were 0.8% and 1.1% higher, respectively.
On Monday, stocks slid after a hawkish speech from Federal Reserve chair Jerome Powell at Jackson Hole, in which he said that getting back to price stability would "likely require maintaining a restrictive policy stance for some time".
Ipek Ozkardeskaya, senior Analyst at Swissquote Bank, said: "The US futures look better this morning, but the market sentiment will likely remain morose after Powell’s clear declaration that the Federal Reserve will have no pity for the markets, and continue tightening its policy until it puts inflation on a sustainable path toward its 2% policy target.
"At this point, it’s difficult to get a pricing that goes against the Fed.
"Anyway, all that Fed drama doesn’t concern the energy stocks, which had a good session yesterday thanks to firmer oil prices. The barrel of US crude advanced past the 200-DMA, which a touch below $97 per barrel. Exxon mobile jumped 2.30% to above $100 for the first time since mid-June, as Occidental Petroleum advanced to the highest levels since October 2018, and closed at $75 per share."
On the macro front, S&P Case-Shiller home prices for June are due at 1400 BST, while JOLTS job openings for July and Conference Board consumer confidence for August are at 1500 BST.
Investors will also eye speeches from Richmond Fed President Tom Barkin and New York Fed President John Williams.
On the corporate front, Best Buy was likely to be in focus after the release of its second-quarter numbers.