FOX Business: The Power to Prosper
Dow futures climbed modestly on Tuesday as traders awaited a key manufacturing report and sales data from automakers.
As 9:10 a.m. ET, Dow Jones Industrial futures rose 8 points to 13163, S&P 500 futures fell 0.3 point to 1393 and Nasdaq 100 futures fell 1 point to 2718.
April was a weak month for Wall Street; indeed, the broad S&P 500 ended with a 0.75% loss, snapping a four-month winning streak. The Dow was able to eke out a slim gain, the seventh-straight monthly rise for the blue-chip index.
The Institute for Supply Management's report on the U.S. manufacturing sector is on tap for 10:00 a.m. ET. Economists expect the segment to have continued expanding in April, but at a slightly slower pace. Several regional reports, including a closely-followed one on the Midwest region released on Monday, have come as a disappointment for Wall Street.
A separate report is forecast to show spending on construction rose 0.5% in March from the month before.
The major automakers also report monthly sales data on the day. Chrysler posted U.S. sales of 141,165 units in April, a 20% increase from the same month in 2011. General Motors (NYSE:GM), Ford (NYSE:F) are others are due out later.
On the corporate front, Pfizer (NYSE:PFE) unveiled an adjusted first-quarter profit of 58 cents a share, beating estimates by two cents. The health-care giant’s revenue came in at $15.4 billion, slightly short of the $15.47 billion analysts expected. The Dow component also said it sees its full-year adjusted earnings hitting between $2.14 and $2.24 a share. Analysts were looking for $2.26 for 2012.
Centerbridge Partners also revealed it is taking P.F. Chang’s (NASDAQ:PFCB) private in $1.1 billion deal. The companies said shareholders will receive $51.50 a share, a roughly 30% premium.
Commodities were mixed. Crude oil traded in New York was flat at $104.87 a barrel. Wholesale New York Harbor gasoline dipped 0.93% to $3.09 a gallon.
In metals, gold rose $2.20, or 0.14%, to $1,666 a troy ounce.
Most exchanges in Europe were closed for the Labour Day holiday, although the London Stock Exchange was open. The FTSE 100 rose 0.58% to 5760.
In Asia, the Japanese Nikkei 225 sold off by 1.8% to 9351.