Cautious start for European stocks after suspected suicide bombing in Manchester
U.S. stocks headed for a fourth straight session of gains on Tuesday, with futures creeping higher before a round Federal Reserve speakers and readings on the manufacturing and services sectors in May.
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Futures for the Dow Jones Industrial Average gained 45 points, or 0.2%, to 20,923, while those for the S&P 500 index climbed 3.8 points, or 0.2%, to 2,396.50. Futures for the Nasdaq-100 index picked up 13.75 points, or 0.2%, to 5,715.75.
The small advances come after all three benchmarks ended Monday's session with gains (http://www.marketwatch.com/story/us-stocks-poised-for-a-steady-open-as-investors-watch-for-the-next-catalyst-2017-05-22), rising after last week's losses as tech and industrial stocks rallied.
Markets in Europe traded slightly higher on Tuesday after a cautious start following the suspected suicide bombing at an Ariana Grande concert (http://www.marketwatch.com/story/death-toll-rises-to-22-in-suspected-suicide-bombing-in-manchester-2017-05-23) in Manchester, England, on Monday night that left at least 22 people dead.
"Geopolitical trauma is disheartening and scary, but the reality is that companies continue to do business. PMI data from the eurozone at 6-month high suggests that their economy is gaining steam, all of which bodes well for global equities," said Karyn Cavanaugh, senior market strategist at Voya Financial.
Economic news: On Tuesday in the U.S., attention turned to Fed speakers, ahead of the release on Wednesday of the central bank's minutes from its May 2-3 meeting.
At 9 a.m. Eastern Time, Minneapolis Fed President Neel Kashkari is slated to meet with reporters covering the bank's conference on opportunity and inclusive growth (https://www.minneapolisfed.org/institute/conference-series/opportunity-inclusive-growth-institute-conference). At 3:15 p.m., he'll meet with reporters again in a round-table discussion on building economic well-being in Native American communities.
Philadelphia Fed President Patrick Harker is due to give a speech on the economic outlook at an event in New York at 5 p.m. Eastern.
Also on Tuesday's economic docket, May flash readings on purchasing managers indexes for services and manufacturing come out at 9:45 a.m., and new home sales for April are due at 10 a.m.
Stock movers: Shares of Agilent Technologies Inc.(A) rose 4.3% in thin premarket volume after the maker of scientific equipment late Monday raised its earnings and revenue guidance for 2017.
AutoZone, Inc.(AZO) shares slid 8% premarket after disappointing earnings results. Rival Advance Auto Parts, Inc. (AAP) also fell 6.2%.
U.S.-listed shares of Nokia Corp.(NOK) jumped 6.3% after the Finnish company and Apple Inc.(AAPL) settled long-running intellectual property disputes. Financial details of the deal weren't disclosed, but Nokia will receive an up-front cash payment from Apple (http://www.marketwatch.com/story/nokia-apple-end-disputes-enter-patent-license-2017-05-23), with additional revenue during the term of the agreement. Apple shares were little changed premarket.
Other markets: Oil prices slipped, coming off a one-month high reached on Monday amid hopes the Organization of the Petroleum Exporting Countries will extend production cuts into next year.
Gold prices also dropped and the dollar traded unchanged. The yield on the 10-year Treasury note fell 1 basis point to 2.25%.
Asian stocks closed mixed.
(END) Dow Jones Newswires
May 23, 2017 09:04 ET (13:04 GMT)