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Stock futures point slightly higher ahead of data

Stock futures point slightly higher ahead of data

Investors are looking to keep stocks in positive territory on the last day of the second quarter. Stocks are on track for their best quarterly performance in more than a decade.
U.S. stock futures are slightly higher Tuesday morning, extending modest gains logged the previous day and following mixed trading in overseas markets.
After a relatively quiet day of trading on Monday, investors are hungry for more signs that the economy is not only improving but growing. Later Tuesday morning, investors will get a reading on consumer confidence. After big jumps in April and May, a reading on consumer sentiment in June is expected to show that Americans' mood is little improved.
Consumer confidence is a closely watched monitor because consumer spending accounts for more than two-thirds of economic activity.
As the April-June period coming to a close, analysts say the market could be a bit more volatile as investment managers make last-minute changes to their portfolios.
With the benchmark Standard & Poor's 500 index up 16.2 percent since the start of the second quarter, some money managers are likely to buy up stocks and other assets to bolster their quarterly reports to their clients. The S&P 500 is headed for its best quarter since the nearly 21 percent jump in the fourth quarter of 1998.
Ahead of the market's open, Dow Jones industrial average futures rose 8, or 0.1 percent, to 8,466. Standard & Poor's 500 index futures rose 1.40, or 0.2 percent, to 922.60, and Nasdaq 100 index futures gained 1.25, or 0.1 percent, to 1,482.75.
On Monday, a surge in oil prices drove energy, industrial and material stocks higher and helped push the Dow up nearly 91 points. The S&P 500 index added 8 points, while the Nasdaq rose 5.
After months of economic data showing that the recession was not getting worse, investors have grown weary and nervous that the economy's rebound won't be as robust as they envisioned. This fear has put a dent in the market's three-month advance that saw stocks jump more than 30 percent off of 12-year lows in early March.
Investors have been more guarded as data shows much pain still exists in both the U.S. and economies around the world.
On Tuesday, there was more disappointing news from abroad. Japan's unemployment rate jumped to a five-and-a-half year high in May, the government reported. Meanwhile, Britain said its economy shrank in the first quarter by more than originally reported _ the worst drop in half a century.
Later this week, investors will get a key reading on the manufacturing sector as well as the much anticipated monthly unemployment tally. Markets are closed Friday in observance of the Independence Day holiday.
Bond prices were slightly lower early Tuesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.49 percent from 3.48 percent late Monday.
The dollar was mostly lower against other major currencies. Gold prices fell.
Light, sweet crude fell 23 cents to $71.26 a barrel in electronic trading on the New York Mercantile Exchange.
Overseas, Japan's Nikkei stock average rose 1.8 percent, while Hong Kong's Hang Seng index fell 0.8 percent. In afternoon trading in Europe, Britain's FTSE 100 fell 0.3 percent, Germany's DAX index was down 0.4 percent, and France's CAC-40 slipped 0.3 percent.


Updated : 2021-06-22 12:25 GMT+08:00