Reuters

(Reuters)

Stock Futures Slightly Higher Ahead of Economic Data

Markets Reuters

U.S. stock index futures were slightly higher on Tuesday, a day after stocks posted their worst performance in nearly a month, with investors awaiting a raft of economic data including GDP numbers.

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Wall Street closed lower on Monday, dragged down by financial and consumer discretionary sectors, as some investors booked profits on the heels of a record-setting week.

U.S. stocks have jumped since Donald Trump's victory in the presidential election, with the S&P 500 up nearly 3 percent, as investors expect his plans to boost infrastructure spending, cut corporate taxes and reduce regulation to boost the economy.

Economic data scheduled to be released on Tuesday includes a report on the second estimate for gross domestic product that will show the economy probably increased at 3.0 percent in the third quarter after expanding at a 2.9 percent pace in the second quarter. The data is expected at 8:30 a.m. ET.

An S&P CoreLogic Case-Shiller report is expected to show its 20-city index rose 5.2 percent in September, while another report at 10 a.m. ET is expected to show that consumer confidence increased in November.

New York Fed President William Dudley is scheduled to speak at 8:15 a.m. ET in San Juan, Puerto Rico on economic opportunities. Fed Governor Jerome Powell will speak on the economic outlook in Indiana at 12:40 p.m. ET.

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Traders are pricing in an 89 percent chance for a rate hike in December. The Fed next meets on Dec. 13-14.

Oil prices fell around 2 percent on signs leading oil exporters were struggling to agree a deal to cut production to reduce global oversupply. 

Tiffany was up 2.4 percent at $80 after the upscale jeweler reported its first rise in sales in eight quarters.

Mallinckrodt rose 4.1 percent to $60.01 after the drugmaker's quarterly results beat expectations.

 

(Reporting by Tanya Agrawal)