MW: Stock futures edge higher after Tuesday selloff
Data on tap include jobless claims, durable-goods orders
By Polya Lesova, MarketWatch
LONDON (MarketWatch) — U.S. stock futures edged higher on Wednesday, but sentiment was cautious ahead of a raft of economic data and concerns over sovereign-debt levels in the euro zone.
Futures on the Dow Jones Industrial Average (DJZ10 11,014, 0.00, 0.00%) gained 16 points to 11,030 and S&P 500 futures (SPZ10 1,182, +3.80, +0.32%) rose 2.50 points to 1,180.30.
The blue-chip Dow index (DJIA 11,036, -142.21, -1.27%) slumped 142.21 points, or 1.3%, on Tuesday, falling for two consecutive trading days.
The economic calendar is busy Wednesday ahead of tomorrow’s Thanksgiving holiday. Data on weekly jobless claims, personal income and durable-goods orders will be released at 8:30 a.m. Eastern time.
Shortly after the U.S. stock market opens, the University of Michigan consumer-sentiment index for November is due, to be followed by housing-market data.
On the corporate front, jewelry retailer Tiffany & Co. (TIF 58.27, -0.95, -1.60%) and machinery group Deere & Co. (DE 76.34, -0.91, -1.18%) are scheduled to report results Wednesday.
Shares of Oracle Corp. (ORCL 27.19, -0.86, -3.07%) could be active Wednesday after a jury ruled that German software group SAP AG (SAP 48.69, -0.71, -1.44%) (DE:SAP 35.78, -0.48, -1.32%) must pay Oracle $1.3 billion because of intellectual-property theft.
U.S.-listed shares of SAP fell 2.2% in thin premarket trading.
In Asia, South Korea’s Kospi Composite ended down 0.2%, paring most of its intraday losses.
Global markets were rattled on Tuesday by news that North Korea had launched an artillery attack on a South Korean island.
Tuesday’s move by North Korea “reflects its longstanding pattern of provocations,” said Evan Feigenbaum, strategist at Eurasia Group, in a note. “But other countries, including South Korea, are unlikely to undertake a major escalation.”
In Europe, most stock markets gained, buoyed by news that Germany’s Ifo business-sentiment index surged to its highest levels since the nation was reunified. See story on German business confidence
Sovereign-debt worries, however, continued to simmer. Portugal was hit by a general strike over austerity measures, while the Irish government was due to present its four-year budget plan. See story on Portugal’s strike
The euro, meanwhile, remained under heavy selling pressure. It fell 0.7% to trade at $1.3307.
Oil futures were slightly higher at $81.56 a barrel in electronic trading.
