MARKET SNAPSHOT: U.S. Stocks Poised To Cool Their Heels At Record Highs

By Victor Reklaitis, MarketWatchFeaturesDow Jones Newswires

Ford gains premarket after news of job cuts

U.S. stock futures inched higher Tuesday, as analysts highlighted reasons why the S&P 500 could keep climbing after the prior session's record close above 2,400.

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S&P 500 futures edged up by 1.85 points, or 0.1%, to 2,400.25, while Dow Jones Industrial Average futures gained 36 points, or 0.2%, to 20,966. Nasdaq-100 futures added 6 points, or 0.1%, to 5,707.25.

On Monday, the S&P and Nasdaq Composite both gained 0.5% and achieved all-time closing highs ( Meanwhile, the Dow tacked on 0.4% and finished within striking distance of its record close of March 1.

Appetite for credit-related funds like the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has been "a necessary ingredient" for the S&P 500's advance, and so it's bullish to see that ETF trending higher, said Frank Cappelleri, a technical analyst at Instinet.

"Seeing the HYG begin to diverge in a material way would change our mind, but that is not the case yet," Cappelleri wrote in a note.

Other markets: Oil futures rose about 0.5%, stretching their week-to-date gain to nearly 3%. Expectations that the Organization of the Petroleum Exporting Countries will extend production cuts until early next year continue to boost trading sentiment (

European stocks ( mostly moved lower, while Asian markets largely closed higher (

Read:Why stock-market investors are falling back in love with Europe (

Gold futures gained, as a key dollar index lost ground. Some analysts are blaming the buck's drop to a six-month low ( on worries about President Donald Trump sharing classified information with Russia (

Economic news: An April report on U.S. housing starts and building permits is slated to hit at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting 1.259 million starts.

At 9:15 a.m. Eastern, April releases for industrial production and capacity utilization are due, and economists expect 0.5% growth and a reading of 76.3%, respectively.

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No Federal Reserve officials are expected to deliver speeches on Tuesday.

Individual movers: Shares in Ford Motor Co.(F) traded 0.9% higher in premarket action following news the auto maker is planning substantial cuts to its global workforce ( amid a drive to boost profits and address Ford's sliding stock price.

Snap Inc.(SNAP) gained 1.6% premarket after billionaire investor George Soros's hedge fund disclosed a stake ( in the Snapchat parent, and Etsy Inc.(ETSY) advanced 6.7% in thin trading in the wake of two private-equity firms revealing they've bet ( on the online marketplace for handmade products.

Tesla Inc.(TSLA) was 0.3% higher premarket following news that Lyndon Rive, head of the SolarCity business, will leave Tesla next month (, less than a year after the solar-power outfit was acquired by the maker of electric cars.

Home Depot Inc.(HD) gained 1.4% premarket after the home-improvement retailer's quarterly earnings topped Wall Street's estimates (

Staples Inc.(SPLS) rose 3.5% ahead of the open after the seller of office supplies posted same-store sales that beat expectations (, while matching forecasts on quarterly profit.

Off-price retailer TJX Cos.(TJX) was also among the companies expected to post earnings before the open.

(END) Dow Jones Newswires

May 16, 2017 07:11 ET (11:11 GMT)