Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

US STOCKS-Futures point to slightly higher open, volume low

Published 03/29/2011, 09:26 AM
Updated 03/29/2011, 09:32 AM
NDX
-
US500
-
DJI
-
HAL
-
LEN
-
WMT
-
HD
-

* Trading volume low as positive quarter nears end

* Halliburton down after outlook, Home Depot rallies

* Case-Shiller shows home prices fell for seventh month

* Futures up: Dow 31 pts, S&P 3.2 pts, Nasdaq 1.75 pts (Updates with Case-Shiller data in sixth paragraph)

By Ryan Vlastelica

NEW YORK, March 29 (Reuters) - U.S. stock index futures pointed to a slightly higher open on Tuesday as many investors, cautious about global crises, bided their time before the quarter's end.

The S&P 500 index has risen 4.2 percent in the first quarter. While Japan's nuclear power problems and the civil unrest in the Middle East and North Africa continued, many investors chose not to risk their gains. The trading volume in Monday's session was the lowest of the year.

"We're in a wait-and-see game as we finish up the quarter, which has been fairly strong," said Jeffrey Friedman, senior market strategist at Lind-Waldock in Chicago. "Some people are taking their cues from the volume, which shows that a lot of people prefer to stay on the sidelines."

In one sign of the spillover from overseas events, oilfield-services company Halliburton Co late Monday said its quarterly earnings were hurt in part by turmoil in oil-producing regions. The stock slid 1.2 percent to $47.34 in premarket trading.

Dow component Home Depot Inc late Monday said it would buy back $1 billion of outstanding shares through an accelerated program. Shares rose 1.3 percent to $37.12 in before the bell.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

U.S. single-family home prices fell for the seventh straight month in January, according to the S&P/Case-Shiller composite index of 20 metropolitan areas. However, the drop was not as much as expected, and stock futures showed little impact.

S&P 500 futures rose 3.2 points but were even with 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 added 31 points and Nasdaq 100 futures rose 1.75 points.

Lennar Corp rose 2.1 percent to $19.34 before the bell after the homebuilder swung to profit in the first quarter. McCormick & Co reported a first-quarter profit that beat expectations.

On the downside, Apollo Group fell 9.8 percent to $38.20 in premarket trading after the education company said new enrollment fell 45 percent in second quarter.

Wal-Mart Stores will urge the U.S. Supreme Court on Tuesday to reject a case brought on behalf of female employees who allege the retailer gave women less pay and fewer promotions in the largest, class-action sex-discrimination lawsuit ever. Shares of the Dow component were 0.4 percent lower in light premarket trading.

On Monday, U.S. stocks fell, with consumer shares hurt after hotel operator Marriott International gave a disappointing forecast on an important financial measure.

(Editing by Kenneth Barry)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.