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Stock futures trade in narrow range

Stock futures trade in narrow range

Stock futures were trading in a narrow range Wednesday after the governmnet reported a bigger than expected increase in overall orders to U.S. factories.
Investors are awaiting the latest in a series of housing reports as the government releases data on new home sales.
Overseas, Asian markets advanced, but European markets were mostly lower.
As investors looked for signs of a potential economic recovery, the Commerce Department reported durable goods orders showed the biggest jump since July 2007, as orders for factory goods expected to last at least three years increased 4.9 percent. Economists polled by Thomson Reuters had been expecting a 3 percent increase.
However, that better-than-expected figure was tempered by details showing orders excluding transportation goods rose by less than predicted, increasing 0.8 percent. Commercial aircraft orders, a volatile category, soared 107.2 percent after falling 30 percent in June. Motor vehicle orders increased 0.9 percent as General Motors Corp. and Chrysler LLC reopened plants that were shuttered as the manufacturers restructured operations. Auto orders were also boosted by the government's Cash for Clunkers program.
Ahead of the opening bell, Dow Jones industrial average futures rose 2, or less than 0.1 percent, to 9,525. Standard & Poor's 500 index futures declined 1.10, or 0.1 percent, to 1,025.00, while Nasdaq 100 index futures rose 1.50, or 0.1 percent, to 1,638.00.
The Commerce Department is also expected to release new data that shows the hard-hit housing market is continuing its recovery. Economists predict new home sales likely rose 1.6 percent last month to a seasonally adjusted annual rate of 390,000, from 384,000 in June, according to Thomson Reuters.
The report is due out at 10 a.m. EDT (1400 GMT).
Stocks got a lift Tuesday after data on home prices added to beliefs the battered sector is stabilizing and recovering. The Standard & Poor's/Case-Shiller U.S. National Home Price Index rose 1.4 percent in the second quarter, the first quarterly increase in three years. It was the second straight month the price index rose.
Traders also welcomed a more upbeat report on consumer sentiment, sending the Dow up 0.3 percent and the S&P 0.2 percent. The Conference Board said Tuesday its Consumer Confidence Index jumped to 54.1 this month, far above the 47.5 reading economists expected. The strength of the consumer is considered vital to any potential recovery because consumer spending accounts for more than two-thirds of all economic activity.


Updated : 2021-06-18 19:06 GMT+08:00