MW: U.S. stocks set for third day of gains, with stream of data ahead
U.S. stock futures pointed to a third straight session of gains on Wednesday, with a raft of fresh economic data ahead that may provide some momentum as markets wind down the holiday-shortened week.
Futures for the Dow Jones Industrial Average YMH6, +0.50% rose 87 points, or 0.5%, to 17,444, while those for the S&P 500 index ESH6, +0.32% gained 7.60 points, or 0.4%, to 2,043.50. Futures for the Nasdaq 100 NQH6, +0.34% added 16.50 points, or 0.4%, to 4,607.50.
The advance by stock futures follows an upbeat session on Tuesday, when investors largely brushed off weak economic data. Trading was characterized by swings in and out of positive territory on seasonally light volume in the run-up to Christmas on Friday.
Read: When do markets close for Christmas?
Economic data: Consumer spending rose 0.3% in November as expected, with that figure out early due to an inadvertent release, the Commerce Department said.
At 8:30 a.m. Eastern Time, personal income data for November come out, forecast to rise 0.2%, according to economists polled by MarketWatch. At the same time, a reading on core inflation in November is due, expected to tick higher to 0.1%. A report on durable-goods orders also comes at 8:30 a.m. Eastern, with orders forecast to have slipped 1.1% in November.
“Durable goods orders have been sluggish through much of the year, particularly when the extremely volatile aviation component is excluded, though this should hardly be a major surprise when one considers that close to 40% of orders in recent years have been related directly or indirectly to the energy and primary resource sector,” said Marc Ostwald, strategist at ADM Investor Services, in a note.
At 10 a.m. Eastern consumer sentiment for December is slated for release. Forecasts are for an improvement to 92, up from 91.8 in the preliminary reading.
New home sales data for November are due at the same time. Existing home sales data out on Tuesday showed resales plunged 10.5% in November to the slowest pace in nearly two years.
Movers & shakers: Shares of Nike Inc. NKE, +1.58% rose 3% in premarket action after the sportswear retailer late Tuesday reported a rise in revenue and profit.
Shares of Celgene Corp. CELG, +8.00% climbed 7% ahead of the bell after the biotech company late Tuesday said it reached a settlement in a long-running patent dispute over its flagship blood-cancer drug Revlimid.
Adamas Pharmaceuticals Inc. ADMS, +33.45% surged 42% premarket after the drugmaker released positive trial results for its Parkinson’s drug.
Micron Technology Inc. MU, -7.26% gave up 6% after the memory-chip maker late Tuesday provided a weak outlook.
Bed Bath & Beyond Inc. BBBY, +1.91% shares slid 6% after the retailer on Tuesday cut its guidance for the latest quarter.
Oil futures and energy stocks could move around 1 p.m. Eastern Time, when rig-count data from Baker Hughes is released.
Other markets: Oil continued to recover, with crude CLG6, +1.80% rising 1.9% to $36.82 a barrel. The Organization of the Petroleum Exporting Countries said in its closely watched annual World Oil Outlook it expects the price of its basket of crudes to rise to $70 a barrel in 2020 and $95 a barrel in 2040.
Asia markets closed mostly higher, while European stocks also were strong.
Gold GCG6, -0.22% and silver SIH6, -0.45% declined, while the dollar traded mixed against other major currencies.
