U.S. futures edge higher ahead of trade data; Dow Jones up 0.11%
Investing.com
Published May 06, 2014 05:58AM ET
U.S. futures point to higher open, trade data in focus
Investing.com - U.S. stock futures pointed to a higher open on Tuesday, as investors eyed the release of U.S. trade balance data later in the day, after a strong U.S. service sector report on Monday added to optimism over the strength of the country's economic recovery.
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Ahead of the open, the Dow 30 futures pointed to a 0.11% gain, S&P 500 futures signaled a 0.14% rise, while the Nasdaq 100 futures indicated a 0.26% increase.
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The Institute of Supply Management on Monday said its non-manufacturing purchasing managers' index rose to a five-month high of 55.2 in April, from a reading of 53.1 in March, compared to expectations for a rise to 54.1.
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Investors still remained cautious after conflict between the Ukrainian government and pro-Russian separatists grew more widespread over the weekend.
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American International Group (NYSE:AIG) was expected to remain focus, as shares plunged 2.98% in extended trading after the insurer said late Monday that first-quarter profit dropped 27%, due to higher claims costs at the property-casualty business.
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General Electric Company (NYSE:GE) was also set to be active, after French President François Hollande said the firm's $17 billion offer for Alstom (PARIS:ALSO)'s energy business is not good enough.
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Elsewhere, Coca-Cola (NYSE:CCE) slipped 0.15% after hours amid reports the beverage maker plans to remove brominated vegetable oil from all its U.S. drinks by the end of this year, abandoning an ingredient that has been targeted by food activists.
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After removing BVO from Gatorade last year, rival company Pepsico (NYSE:PEP) said that it too is replacing the additive in the rest of its lineup. PepsiCo shares were up 0.15% in late trade.
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In the auto sector, General Motors (NYSE:GM) gained 0.40% pre-market after saying Jim Federico, an executive involved in the investigation of faulty ignition switches, has decided to retire. Federico was executive director of global vehicle integration.
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Other stocks likely to be in focus included Walt Disney Company (NYSE:DIS), Whole Foods (NASDAQ:WFM), Groupon (NASDAQ:GRPN), Sunoco Logistics (SXL), American Financial Group (NYSE:AFG), First Solar (NASDAQ:FSLR) and Discovery Communications (NASDAQ:DISCA), scheduled to report quarterly results later in the day.
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Across the Atlantic, European stock markets were steady. The DJ Euro Stoxx 50 dipped 0.03%, France’s CAC 40 inched 0.01% higher, Germany's DAX eased up 0.03%, while Britain's FTSE 100 fell 0.18%.
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During the Asian trading session, Hong Kong's Hang Seng slipped 0.19%, while Japan’s Nikkei 225 remained closed for a national holiday.
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Later in the day, the U.S. was to release data on trade.
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Written By: Investing.com
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