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

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.

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)