Oil prices under fresh pressure
U.S. equity indexes on Wednesday were poised to rise modestly, putting them in position to close out May with solid gains, despite a drag from the beleaguered crude-oil market.
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Investors were awaiting a report on pending-home sales and the Chicago purchasing-managers index.
Dow Jones Industrial Average futures rose 30 points, or 0.1%, to 21,046, while those for the S&P 500 index gained 4.05 points, or 0.2%, to 2,414.75. Nasdaq-100 index futures rose 16.50 points, or 0.3%, to 5,808.50.
Need to know:Tech rally overdone? The case for buying other stock sectors now (http://www.marketwatch.com/story/tech-rally-overdone-the-case-for-buying-other-stock-sectors-now-2017-05-31)
U.S. stocks finished modestly lower on Tuesday driven by losses for energy shares, which halted a seven-session streak of gains for the S&P 500 and Nasdaq Composite . Those two indexes slipped 0.1% each, while the Dow industrials fell 0.2%.
Read:This money manager sees no end in sight for bull market (http://www.marketwatch.com/story/this-money-manager-sees-no-end-in-sight-for-bull-market-2017-05-30)
Still, a handful of big tech names, such as Tesla Inc. (TSLA) and Google-parent Alphabet Inc. (GOOGL) finished at record levels (http://www.marketwatch.com/story/microsoft-and-alphabet-on-track-for-record-closes-as-big-tech-hold-gains-2017-05-30) on Tuesday.
Energy shares may again be under pressure on Wednesday, as oil prices pushed further south, (http://www.marketwatch.com/story/oil-prices-extend-losses-as-concern-grows-over-still-heavy-global-supply-2017-05-31) recently down 2.2% to $48.57 a barrel.
With one session left to go of the month, the Nasdaq has been the best-performing major index for May, up 2.6%, followed by a 1.2% gain for the S&P 500. Both indexes are set for their best monthly percentage gains since February 2017. The Dow is up 0.4%, its best monthly performance since March.
Data ahead: The Chicago purchasing managers index for May will be released at 9:45 a.m. Eastern Time, followed by April pending-home sales at 10 a.m. Eastern. The Federal Reserve's Beige Book is due at 2 p.m. Eastern.
Among Fed speakers, Dallas Fed President Rob Kaplan is due to speak at the Council on Foreign Relations in New York at 8 a.m. Eastern. San Francisco Fed President John Williams will give a speech on "global economic and financial challenges" at the Bank of Korea International Conference 2017 in Seoul, South Korea at 8:10 p.m. Eastern.
Stocks to watch: Shares of Michael Kors Holdings Inc.(KORS) dropped 7% in premarket trading after maker of high-end accessories and clothing posted a loss for its fiscal fourth quarter (http://www.marketwatch.com/story/michael-kors-shares-slide-7-premarket-after-company-swings-to-loss-2017-05-31) and spoke of a challenging market.
Vera Bradley Inc.(VRA) is still due to report.
Other markets: Stocks in Asia had a mixed day, while Chinese equities inched higher after a gauge of manufacturing beat forecasts (http://www.marketwatch.com/story/chinas-manufacturing-beats-forecast-stays-steady-2017-05-30). European stocks traded higher. The FTSE 100 index also showed solid gains, tilting higher after trading in the red on fresh parliamentary election jitters (http://www.marketwatch.com/story/theresa-may-could-lose-majority-in-uk-election-fresh-research-finds-2017-05-31).
The pound was trading around $1.28 (http://www.marketwatch.com/story/pound-falls-again-after-pollster-predicts-may-will-lose-majority-in-election-2017-05-31), in up-and-down trade for sterling ahead of the coming U.K. election.
Gold prices were marginally higher as the dollar slumped 0.2% lower.
(END) Dow Jones Newswires
May 31, 2017 07:56 ET (11:56 GMT)