Markets Up On Construction Data; Fed Meeting In Focus

U.S. stock futures were slightly higher this morning as the American financial markets opened to the plus side with the Dow up nearly 90 points to 12,832.11 while the Nasdaq gained more than 28 to 2924.05.

Futures for the Dow Jones Industrial Average surged 20 points to 12,706.00 and S&P 500 index futures rose 2.30 points to 1,343.20. Nasdaq 100 futures gained 9.25 points to 2,596.75.
 
U.S. stocks closed mixed on Monday, with the Dow Jones Industrial Average dropping 0.20% to 12,741.82, the S&P 500 index surging 0.14% to 1,344.78 and the Nasdaq 100 index gaining 0.78% to 2,895.33.

Interesting Housing Data
Data on housing starts for May came out showing a decline, though a strong upsurge in permits for future construction appears to be driving the overall markets higher. Federal Reserve policy makers start their two-day meeting today as all ears are ringing in anticipation of tomorrow's mid-day press conference.

Corporates Due Today
Barnes & Noble (NYSE: BKS) is projected to post a Q4 loss at $0.93 per share on revenue of $1.48 billion. Adobe Systems (NASDAQ: ADBE) is expected to post its Q2 earnings at $0.59 per share on revenue of $1.11 billion.
 
Discover Financial Services (NYSE: DFS) is estimated to post its Q2 EPS at $0.99 on revenue of $1.86 billion. FedEx (NYSE: FDX) is expected to post its Q4 EPS at $1.94 on revenue of $11.13 billion.
 
Jabil Circuit (NYSE: JBL) is expected to post its Q3 EPS at $0.64 on revenue of $4.29 billion. Jefferies Group (NYSE: JEF) is estimated to post its Q2 EPS at $0.28 on revenue of $681.33 million.
 
Oracle (NASDAQ: ORCL) reported better-than-expected fiscal fourth-quarter earnings.
 
IHS (NYSE: IHS) reported a rise in its fiscal second-quarter net income and lifted its full-year earnings forecast.

Overseas Market Activity
European markets were mostly higher today. The STOXX Europe 600 Index rose 0.39%, London's FTSE 100 Index gained 0.91%, French CAC 40 index fell 0.13% and German DAX 30 index surged 0.46%.
 
Asian markets ended mostly lower, with Japan's Nikkei Stock Average dropping 0.75%, Chinese Shanghai Composite falling 0.66% and Australia's S&P/ASX 200 dropping 0.39%. Hong Kong's Hang Seng index declined 0.66% and India's Sensex gained 1.02%.
 
The euro gained 0.42% versus the dollar to trade at $1.2628. up from $1.2572 yesterday.
 
Gold for August delivery surged $4.70 to $1,631.60 an ounce. However, oil for July delivery dropped $0.25 to $83.02 a barrel.

BY Monica Gerson