The U.S. stock futures point to a higher opening Tuesday morning as traders look to extend the recent gains and consolidate ahead of key economic data later in the week. With no major economic data slated for release during the day aside the sales reports for February from individual automakers , traders might lock in gains from recent rally in late session, after the major indices, especially the S&P and Nasdaq turned positive for 2010 following the recent rally.
As of 6.15 am ET, the Dow futures were up 20.00 points, the S&P futures were up 2.50 points, and the tech-heavy Nasdaq 100 futures were up 5.50 points.
On the economic front, major automakers in the country including General Motors, Ford, Toyota Motor and Hyundai, are slated to release their monthly sales report for February. The impact of recall on Toyota's vehicles on total auto sales will be of interest to the investors.
Before the market opens for trading, AutoZone (AZN), Boots & Coots (WEL), Boyd Gaming (BYD), Domino's Pizza (DPZ) and Staples (SPLS) are among the major companies that will be reporting their quarterly results.
Applied Signal (APSG), Hovnanian Enterprises (HOV) and JAKKS Pacific (JAKK) are among the major companies that will report results after the market closes for trading.
After the market closed for trading in the previous session, CMS Energy Corp. (CMS) reported a plunge in net income for the fourth quarter primarily due to a one-time charge related to a regulatory decision. The company said that in January, for the third consecutive year, it increased the common stock dividend. The company also provided guidance for the full year 2010.
Engineering and construction firm McDermott International Inc. (MDR) said that its fourth quarter profit more than doubled from a year ago despite lower revenue, as there was strong improvement in operating profit at its offshore oil & gas construction segment.
Troubled mall operator General Growth Properties Inc. (GGWPQ.PK) reported that its fourth quarter loss widened significantly from last year, driven by substantially higher impairment provisions reflecting reduced holding periods for non-strategic operating assets and indefinite delays in major development projects. Further, the company provided an update on its restructuring measures to emerge from bankruptcy.
Oil Light sweet crude oil for April delivery is presently quoted at $78.85 a barrel, up $0.15 from its previous close of $78.70 a barrel in New York on Monday.
Dollar The U.S. dollar is presently recovering losses against the yen, while losing recent gains against the euro and the pound.