US stock futures point higher after report

Staff Writer
Columbus CEO


U.S. stock futures were pointing higher Tuesday after a report said orders for big-ticket items unexpectedly rose last month. The stock market looks poised to close out the month of May at record highs.

KEEPING SCORE: Less than an hour before the opening bell, Dow Jones industrial average futures are up 66 points to 16,652. Standard & Poor's 500 index futures rose eight points to 1,905 while Nasdaq 100 futures gained 17 points to 3,692. Markets were closed Monday for the Memorial Day holiday.

HOW'S IT GOING: The S&P 500 index, the benchmark for most U.S. mutual funds, closed above 1,900 for the first time on Friday. The index has gained 2.8 percent so far this year, putting it on course for an average year.

BIG TICKET ITEMS: Orders to U.S. factories for long-lasting manufactured goods unexpectedly crept higher in April, powered by a surge in demand for military aircraft. The Commerce Department said orders for durable manufactured goods rose 0.8 percent in April. Economists had predicted that orders would decline.

CONFIDENCE: Later this morning, the Conference Board is scheduled to release its report on consumer confidence in May. Economists forecast that the private group's index will inch up to 83 from 82.3 in April, according to FactSet. That would be the second-highest reading since January 2008, just after the Great Recession got underway.

SECOND TRY: Bank of America said Tuesday that it's resubmitting its capital plan to the Federal Reserve, a month after it discovered errors in its initial report, which forced it to suspend a bigger dividend payout and a plan to buy back more of its own shares. The bank's stock is up 26 cents, or 2 percent, to $14.98 in premarket trading.

EUROPE: Major European markets were mixed Tuesday. In Germany, the DAX rose 0.3 percent, and in France, the CAC 40 dipped 0.1 percent. Britain's FTSE 100 added 0.4 percent

BONDS AND COMMODITIES: In the market for U.S. government bonds, the yield on the 10-year note edged up to 2.54 percent from 2.53 percent late Friday. Crude oil slipped 21 cents to $104.13 a barrel. Gold fell $17.50 to $1,274.30 an ounce.