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By Edward Krudy
NEW YORK, June 10 (Reuters) - U.S. stocks headed for a higher open on Wednesday, as surging prices for oil and other commodities drove a global equities rally and Home Depot raised its outlook.
Home Depot Inc (HD.N), the leading U.S. home improvement chain, raised its 2009 profit forecast and stood by its sales expectations, sending its shares up 2.3 percent to $24.90 percent in premarket trade.
A weaker U.S. dollar helped push U.S. crude oil futures up more than $1 a barrel to top $71, a new seven-month high, after data Tuesday showed a steep drop in U.S. crude inventories, and lifted commodity prices like copper and gold.
Shares in Chevron Corp (CVX.N) climbed about 1.2 percent to $71 in premarket trade, while Alcoa Inc (AA.N) added 2.7 percent to $11.45.
"This is a (inflation) trade. The dollar weakens, that certainly helps commodities," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.
"Yes, it's giving the appearance that things are okay, but it's coming with a dark cloud of inflation," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.
While higher energy prices may be a boon for the energy sector, the sharp rise could hamper any economic recovery by increasing energy costs for consumers and businesses.
S&P 500 futures SPc1 rose 9.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones Industrial Average futures DJc1 jumped 81 points, while Nasdaq 100 NDc1 futures were up 9.75 points.
Before the bell, the U.S. dollar and treasury markets were hit by unsettling news as Russia said it will reduce the share of U.S. treasuries in its gold and foreign exchange reserves. [ID:nLA1036154]
With fears of inflation and recently creeping interest rates, investors will watch a 10-year Treasury note auction at 1 p.m. EDT (1700 GMT) to gauge the appetite for ever-increasing government debt.
