U.S. stock futures higher ahead of housing data; Dow up 0.2%

Investing.com – U.S. stock futures pointed to a higher open on Tuesday, rebounding from the previous session’s selloff, as shares in the commodity sector advanced and as investors awaited key data on new home sales. 

Dow Jones Industrial Average futures pointed a gain of 0.2%, the S&P 500 futures rose 0.35%, while Nasdaq 100 futures indicated an increase of 0.25%.   

Shares in the commodity sector advanced in pre-market trade as oil and metal prices rallied after Goldman Sachs said it was turning “more bullish” on raw materials.

Precious metals producer Freeport McMoran Copper & Gold climbed 1.5%, oil and gas giant Exxon-Mobil gained 0.9%, while the largest U.S. aluminum producer Alcoa added 1.1%.

In earnings news, the largest U.S. auto parts retailer AutoZone saw shares jump 3.6% after it reported a 12% increase in fiscal third quarter profit. Sales in the quarter rose to USD1.98 billion, surpassing market expectations for sales of USD1.92 billion. 

Shares in GT Solar, which makes technology used in solar-panel manufacturing surged 14% after it lifted its full-year earnings forecast. For the current quarter, the company said revenue increased 28% to USD271.6 million, beating expectations for revenue of USD223.2 million.

U.S.-listed shares of consumer electronics giant Sony climbed 4.2% despite warning of a fiscal year loss just a couple days ahead of its financial results, but kept its operating profit forecast unchanged.

On the downside, shares in the world’s largest medical technology company Medtronic slumped 2.1% after it said fiscal fourth quarter profit fell 19% to USD776 million, as results were weighed by job-cutting expenses. 

Meanwhile, airliners could be active as an ash cloud from a volcanic eruption in Iceland drifted towards the U.K., threatening to disrupt trans-Atlantic air travel.

Other stocks in focus included Russian search engine Yandex, which was slated to make its debut on the Nasdaq Exchange under the symbol “YNDX”, after it sold USD1.3 billion of stock in an initial public offering on Monday. 

Across the Atlantic, European stock markets rebounded from Monday’s sharp decline as commodity-linked shares led gains. The EURO STOXX 50 rose 0.35%, France’s CAC 40 added 0.2%, Germany's DAX climbed 0.7%, while Britain's FTSE 100 advanced 0.45%.  

During the Asian trading session, Japan’s Nikkei 225 Index closed 0.17% higher, while Hong Kong’s Hang Seng Index eased up 0.1% in choppy trade as investors looked for bargains in the wake of Monday’s worldwide selloff.

Later in the day, the U.S. was to publish government data on new home sales.

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