Stock Futures Follow European Markets Higher

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Published May 07, 2013

| FOXBusiness

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U.S. stock-index futures ticked up Tuesday, signaling the S&P 500 could extend its climb into record territory, on the back of a strong performance in European markets.

Today's Markets 

As of 8:00 a.m. ET, Dow Jones Industrial Average futures climbed 38 points to 14945, S&P 500 futures gained 2.8 points to 1616 and Nasdaq 100 futures advanced 6.5 points to 2954.

The broad S&P 500 kicked off the week by edging into record territory, the ninth record close of the year for the broad-market index. With little in the way of economic data released on the day, events in Europe were driving trading. 

The German DAX, which is the country's benchmark index, rallied 0.87% to an all-time high on the day. A report showed German industrial orders climbing 2.2% in March, much better than expectations of a 0.5% dip. The data came as good new from Europe's largest economy that has been struggling against headwinds from the continent's debt crisis. 

The Federal Reserve releases its latest snapshot of consumer credit conditions at 3:00 p.m. ET. Economists expect the gauge to have fallen to $16 billion in March from $18.1 billion the month before. 

Energy futures were mildly lower. The benchmark U.S. crude oil contract dipped 44 cents, or 0.45%, to $95.73 a barrel. Wholesale New York Harbor gasoline fell 0.42% to $2.854 a gallon. In metals, gold slumped $6.40, or 0.44%, to $1,462 a troy ounce. 

Foreign Markets

The Euro Stoxx 50 jumped 0.75% to 2771, the English FTSE climbed 0.4% to 6548 and the German DAX rallied 0.92% to 8187. 

In Asia, the Japanese Nikkei 225 surged 3.6% to 14180 and the Chinese Hang Seng advanced 0.58% to 23047.

URL

http://www.foxbusiness.com/markets/2013/05/07/stock-futures-follow-european-markets-higher/