NEW YORK, Dec 26 (Reuters) US stock futures inched up on Tuesday, pointing to a slightly higher market open, as investors expected a jump in oil prices to help energy stocks gain ground in a light trading day.
Shares of retail stocks were in focus after a report from Spendingpulse showed holiday sales rose by only 3 percent this year, compared with last year's 5.2 percent growth. For details, see ID:nN26340690 Investors were also waiting for the Federal Reserve Bank of Richmond to release its December indexes on area manufacturing and service sectors after soft economic reports sparked a stock sell-off last week. The report is due at 10 a.m. (1500 GMT).
''Volatility could really push us in any direction here, and the finish to last week was not good, so we could get a little turn around,'' said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. ''Energy has been really been important for the whole year as a sector that has lifted the market or dragged down the market. If rising oil prices can help energy stocks stabilize here, I think that may give us a little push.'' Standard&Poor's 500 futures SPc1> were up 0.8 point, just 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> were unchanged, and Nasdaq 100 NDc1> futures were up 0.8 point.
Energy shares such as Exxon Mobil Corp. were in focus as U.S.
crude oil prices CLc1> rose almost 1 percent at .01 a barrel on Tuesday after Iran threatened to use oil exports as a weapon following the U.N. Security Council's decision to impose sanctions on its trade in nuclear goods. ID:nSP149621 However, oil's rise also threatened to keep a lid on any gains, as investors often worry that higher energy costs will hurt corporate profits.
Shares of FedEx Corp. were also likely to draw attention after the company said European regulators had asked it for information as part of a probe into possible anti-competitive behavior in the air freight transport industry. ID:nN22316044 Shares of Amylin Pharmaceuticals Inc. and Eli Lilly and Co. were also in focus after U.S. regulators approved their diabetes drug Byetta as an add-on therapy for people with type 2 diabetes, after the bell on Friday. ID:nWEN1582 U.S. stocks dropped on Friday as concerns about slowing economic growth persisted after a government report showed an unexpected fall in November durable goods orders, excluding transportation. It added to worries after a Thursday report showed the U.S. economy grew at a slower rate than earlier estimated in the third quarter.
REUTERS PKS BD1925
Shares of retail stocks were in focus after a report from Spendingpulse showed holiday sales rose by only 3 percent this year, compared with last year's 5.2 percent growth. For details, see ID:nN26340690 Investors were also waiting for the Federal Reserve Bank of Richmond to release its December indexes on area manufacturing and service sectors after soft economic reports sparked a stock sell-off last week. The report is due at 10 a.m. (1500 GMT).
''Volatility could really push us in any direction here, and the finish to last week was not good, so we could get a little turn around,'' said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. ''Energy has been really been important for the whole year as a sector that has lifted the market or dragged down the market. If rising oil prices can help energy stocks stabilize here, I think that may give us a little push.'' Standard&Poor's 500 futures SPc1> were up 0.8 point, just 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> were unchanged, and Nasdaq 100 NDc1> futures were up 0.8 point.
Energy shares such as Exxon Mobil Corp. were in focus as U.S.
crude oil prices CLc1> rose almost 1 percent at .01 a barrel on Tuesday after Iran threatened to use oil exports as a weapon following the U.N. Security Council's decision to impose sanctions on its trade in nuclear goods. ID:nSP149621 However, oil's rise also threatened to keep a lid on any gains, as investors often worry that higher energy costs will hurt corporate profits.
Shares of FedEx Corp. were also likely to draw attention after the company said European regulators had asked it for information as part of a probe into possible anti-competitive behavior in the air freight transport industry. ID:nN22316044 Shares of Amylin Pharmaceuticals Inc. and Eli Lilly and Co. were also in focus after U.S. regulators approved their diabetes drug Byetta as an add-on therapy for people with type 2 diabetes, after the bell on Friday. ID:nWEN1582 U.S. stocks dropped on Friday as concerns about slowing economic growth persisted after a government report showed an unexpected fall in November durable goods orders, excluding transportation. It added to worries after a Thursday report showed the U.S. economy grew at a slower rate than earlier estimated in the third quarter.
REUTERS PKS BD1925
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