Stock Futures Edge Higher
U.S. stock futures edged up on Tuesday as investors shrugged aside disappointment over the PMI data released yesterday and look forward to auto sales and factory orders data.
At last check, futures on Dow Jones Industrial Average Index gained 0.25%; those on NASDAQ 100 added 0.34% while futures on S&P 500 Index advanced 0.43%.
All leading European bourses reopened on Tuesday after a long weekend due to Easter and investors did not appear rattled by a pair of weak economic data releases. While the unemployment level in the euro zone climbed to record high level in February, Markit’s PMI Index showed manufacturing activities in the currency bloc declined in March.
At last check, the Pan European Stoxx 600 Index gained 0.95%, FTSE 100 climbed 1.03% while DAX jumped 1.21%.
On the U.S. economic data front, the Commerce Department will release its data on factory orders for February at 10 a.m. EST. According to Reuters’ poll, economists are expecting an increase of 2.9%. In January, factory orders fell 2%.
Later at 2:00 p.m. EST, a data on auto and truck sales for March is due.
Shares of Shoe Carnival Inc. (NASDAQ: SCVL) will be under pressure on Tuesday. The shoe maker, late last evening reported lower-than-expected fiscal fourth quarter revenue and provided disappointing earnings and revenue guidance on the current quarter, citing unfavorable weather conditions.
Shares of Urban Outfitters Inc. (NASDAQ: URBN) will be under spotlight on Tuesday. The specialty apparel retailer said on Monday that same-store-sales in the first two months of the fiscal first quarter were very encouraging and it now expects higher single percentage growth.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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