Investing.com - U.S. stock futures pointed to a moderately higher open on Tuesday, as investors eyed the release of U.S. economic data later in the day, while concerns over the handling of the euro zone’s debt crisis persisted ahead of a highly anticipated summit in Brussels.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a rise of 0.30%, S&P 500 futures signaled a 0.34% increase, while the Nasdaq 100 futures indicated a 0.41% gain.
Market sentiment remained under pressure ahead of the European Union summit due to begin on Thursday, amid skepticism that leaders would make progress on greater fiscal integration and allowing the bloc's rescue funds to buy government debt.
Investors were also cautious after Moody’s ratings agency downgraded 28 Spanish banks late Monday, citing exposure to the ailing real estate market. The decision came after Spain formally requested up to EUR100 billion in rescue loans to recapitalize its struggling banks.
In addition, Cyprus became the fifth euro zone country to request financial help from Brussels, adding to concerns over the level of debt contagion in the single currency bloc.
Media companies were expected to be active, after the Wall Street Journal reported earlier that Rupert Murdoch’s News Corp may split into two companies, cleaving its publishing arm from its far larger entertainment division.
Such a split would create a publishing business including The Wall Street Journal, The Times of London, The New York Post and the HarperCollins book-publishing business.
Meanwhile, a U.S. federal jury found on Monday that French entertainment group Vivendi must pay USD954.6 million in damages to Liberty Media Corp in a 2003 breach of contract lawsuit.
Social media giant Facebook was also likely to be in focus, after it named Chief Operating Officer Sheryl Sandberg as director on Monday, elevating the first woman to a board that comprises seven men. Shares edged up 0.09% in pre-market trade.
Elsewhere, striking workers from the Fort Worth, Texas, plant where Lockheed Martin builds F-16 and F-35 fighter planes were set to vote this week on whether to accept a new contract agreed by a key union and management late Saturday.
About 3,600 workers went on strike in April over proposed changes in health benefits and a Lockheed plan to stop offering a traditional pension to newly hired workers.
In the tech sector, Microsoft was slated to move on Tuesday, amid reports that the firm’s decade-long struggle against an EU anti-trust probe, that led to more than EUR1.68 billion in fines, is about to enter its final phase with a European court ruling.
The software company asked the EU General Court to void a EUR899 million fine imposed after Microsoft failed to comply with a 2004 antitrust order to provide rivals with data to help them work with the company’s operating-system software.
Other stocks in focus included manufacturing firm Robbins & Myers, due to report earnings later in the day.
Across the Atlantic, European stock markets were steady. The EURO STOXX 50 edged up 0.08%, France’s CAC 40 eased 0.05%, Germany's DAX inched 0.06% higher, while Britain's FTSE 100 added 0.04%.
During the Asian trading session, Hong Kong's Hang Seng Index added 0.3%, while Japan’s Nikkei 225 Index declined 0.8%.
Also Tuesday, Spain’s Treasury auctioned EUR1.6 billion worth of three-month government bonds, slightly more that the targeted amount, at an average yield of 2.36%, up sharply from 0.84% in May. Spain also sold EUR1.48 billion of six-month debt at an average yield of 3.23%, up from 1.73% in May.
Meanwhile, Italy’s Treasury sold EUR2.99 billion worth of two-year bonds at an average yield of 4.71%, the highest since December.
Later in the day, the U.S. was to release industry data on house price inflation, followed by a report on consumer confidence.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a rise of 0.30%, S&P 500 futures signaled a 0.34% increase, while the Nasdaq 100 futures indicated a 0.41% gain.
Market sentiment remained under pressure ahead of the European Union summit due to begin on Thursday, amid skepticism that leaders would make progress on greater fiscal integration and allowing the bloc's rescue funds to buy government debt.
Investors were also cautious after Moody’s ratings agency downgraded 28 Spanish banks late Monday, citing exposure to the ailing real estate market. The decision came after Spain formally requested up to EUR100 billion in rescue loans to recapitalize its struggling banks.
In addition, Cyprus became the fifth euro zone country to request financial help from Brussels, adding to concerns over the level of debt contagion in the single currency bloc.
Media companies were expected to be active, after the Wall Street Journal reported earlier that Rupert Murdoch’s News Corp may split into two companies, cleaving its publishing arm from its far larger entertainment division.
Such a split would create a publishing business including The Wall Street Journal, The Times of London, The New York Post and the HarperCollins book-publishing business.
Meanwhile, a U.S. federal jury found on Monday that French entertainment group Vivendi must pay USD954.6 million in damages to Liberty Media Corp in a 2003 breach of contract lawsuit.
Social media giant Facebook was also likely to be in focus, after it named Chief Operating Officer Sheryl Sandberg as director on Monday, elevating the first woman to a board that comprises seven men. Shares edged up 0.09% in pre-market trade.
Elsewhere, striking workers from the Fort Worth, Texas, plant where Lockheed Martin builds F-16 and F-35 fighter planes were set to vote this week on whether to accept a new contract agreed by a key union and management late Saturday.
About 3,600 workers went on strike in April over proposed changes in health benefits and a Lockheed plan to stop offering a traditional pension to newly hired workers.
In the tech sector, Microsoft was slated to move on Tuesday, amid reports that the firm’s decade-long struggle against an EU anti-trust probe, that led to more than EUR1.68 billion in fines, is about to enter its final phase with a European court ruling.
The software company asked the EU General Court to void a EUR899 million fine imposed after Microsoft failed to comply with a 2004 antitrust order to provide rivals with data to help them work with the company’s operating-system software.
Other stocks in focus included manufacturing firm Robbins & Myers, due to report earnings later in the day.
Across the Atlantic, European stock markets were steady. The EURO STOXX 50 edged up 0.08%, France’s CAC 40 eased 0.05%, Germany's DAX inched 0.06% higher, while Britain's FTSE 100 added 0.04%.
During the Asian trading session, Hong Kong's Hang Seng Index added 0.3%, while Japan’s Nikkei 225 Index declined 0.8%.
Also Tuesday, Spain’s Treasury auctioned EUR1.6 billion worth of three-month government bonds, slightly more that the targeted amount, at an average yield of 2.36%, up sharply from 0.84% in May. Spain also sold EUR1.48 billion of six-month debt at an average yield of 3.23%, up from 1.73% in May.
Meanwhile, Italy’s Treasury sold EUR2.99 billion worth of two-year bonds at an average yield of 4.71%, the highest since December.
Later in the day, the U.S. was to release industry data on house price inflation, followed by a report on consumer confidence.