Published September 25, 2012
FOX Business: Capitalism Lives Here
U.S. stock-index futures rose on Tuesday as traders digested data showing the housing market continued improving in July, but at a slower pace than economists anticipated.
As of 9:07 a.m. ET, Dow Jones Industrial Average futures climbed 35 points to 13524, S&P 500 futures rose 4 points to 1455 and Nasdaq 100 futures gained 11.5 points to 2850.
With little in the way of headlines early Tuesday, market participants were expected to pay close attention to economic reports released throughout the morning.
The closely-watched S&P/Case Shiller composite index of 20 metropolitan areas showed home prices rose 1.6% in July from June on a non-seasonally adjusted basis, a smaller increase then the 1.8% expected. Prices were up 1.2% from a year ago, more than the 1% expected.
The data come as more upbeat news for the housing market that has been showing signs of improvement recently. Analysts frequently cite the housing market as a major hindrance to the broader economy, so improving data there could be seen as bullish for the markets.
A report due later from the Conference Board may show consumer confidence having improved in September from August, economists said ahead of the 10:00 a.m. ET report. The data sometimes have a particularly large impact on retail stocks.
In corporate news, Caterpillar (CAT) sliced its full-year 2015 profit outlook to a range of $12 to $18 a share, lower than a previous forecast of $15 to $20 a share. Shares of the blue-chip heavy machinery maker fell more than 1% on the news.
Oil futures climbed back after sliding more than 1% in the prior session. The benchmark contract traded in New York gained 81 cents, or 0.88%, to $92.72 a barrel. Wholesale New York Harbor gasoline rose 0.57% to $2.934 a gallon.
In metals, gold climbed $3.10, or 0.18%, to $1,768 a troy ounce.
The Euro Stoxx 50 fell 0.36% to 2549, the English FTSE 100 slipped 0.08% to 5834 and the German DAX dipped 0.37% to 7386.
In Asia, the Japanese Nikkei 225 edged up by 0.25% to 9092 and the Chinese Hang Seng inched higher by 0.02% to 20699.