Stock Futures Rise Ahead of Economic Reports

By MarketsFOXBusiness

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U.S. stock-index futures pushed higher on Tuesday as traders awaited readings on the housing market and consumer prices.

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Today's Markets

As of 7:55 a.m. ET, Dow Jones Industrial Average futures rose 19 points, or 0.11%, to 16721, S&P 500 futures advanced 2.3 points, or 0.12%, to 1932 and Nasdaq 100 futures advanced 11 points, or 0.29%, to 3784.

The markets appear to be shrugging off worries about the turmoil in Iraq, along with high oil prices. The Dow and S&P kicked off the week in the green for the ninth time in a row -- a phenomenon not seen since 1993.

The news flow was quiet ahead of a duo of important economic reports.

The Commerce Department provides an update on new housing starts at 8:30 a.m. ET. The gauge is forecast to have fallen slightly to an annual rate of 1.03 million units in May, from 1.07 million the month prior. Housing took a hit from a particularly cold winter, but it has been bouncing back.

Meanwhile, a report at the same time from the Labor Department is expected to show consumer prices having risen 0.2% in May from the month before. The Federal Reserve has been paying close attention to inflation as it pares back its massive bond-purchasing program and prepares to hike interest rates.

The Fed also kicks off its two-day policy-setting meeting on the day. A statement from the central bank along with a press conference led by chair Janet Yellen are set for Tuesday.

Elsewhere, U.S. crude oil futures fell 51 cents, or 0.48%, to $106.40 a barrel. Wholesale New York Harbor gasoline fell 0.06% to $3.071 a gallon. Gold slumped $9.60, or 0.74%, to $1,266 a troy ounce.

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