MN: U.S. stocks: Futures point to further highs ahead of GDP data
By Sara Sjolin, MarketWatch Tiffany reports ahead of the bell
LONDON (MarketWatch) -- U.S. stocks looked set to extend their record run on Tuesday, with futures moving slightly higher ahead of a raft of economic data, including GDP data, housing figures and consumer confidence.
Futures for the Dow Jones Industrial Average (DJZ4) picked up 30 points, or 0.2%, to 17,822, while those for the S&P 500 index (SPZ4) added 2.60 points, or 0.1%, to 2,070.10. Futures for the Nasdaq 100 index (NDZ4) climbed 7.50 points, or 0.2%, to 4,289.50.
The small gains came after the S&P 500 (SPX) and Dow Jones Industrial Average (DJI) closed at record levels on Monday.
Economic data: The second estimate of third-quarter gross domestic product for the U.S. is likely to show the economy expanded a bit slower than initially reported. Economists polled by MarketWatch predict GDP growth will be shaved to 3.3% from 3.5% when the government updates its figures at 8:30 a.m. Eastern Time.
At 9 a.m. Eastern, an update on the housing market is due with both the FHFA home-price index and the S&P Case-Shiller home-price index scheduled for release.
Clues on household spending could emerge from the consumer-confidence report for November that comes out at 10 a.m. Consumer confidence is already at the highest level in seven years, so the pickup in hiring and sudden plunge in gasoline prices could add to the optimism.
Stocks to watch: Wal-Mart Stores Inc. (WMT) could be on the move after The Wall Street Journal reported that the retailer's chief merchandising officer Duncan Mac Naughton is expected to announce his departure just days before one of the year's biggest shopping days -- Black Friday.
Lennar Corp. (LEN) could also be active after RBC Capital Markets lifted the price target on the home builder by 14% to $54.
Tiffany & Co. (TIF) reports third-quarter earnings ahead of the opening bell.
Other markets: European stock markets climbed after GDP data from Germany confirmed Europe's largest economy dodged falling into a technical recession in the third quarter. Asia stocks closed mixed.
Oil futures (CLF5) advanced and metals prices (GCZ4) rose across the board. The dollar (DXY) broadly rose, although it moved slightly lower against the yen.
