Before the bell: Futures higher ahead of data; (F, TTM, SIRI, XMSR)

25 03 2008

Before the bell: Futures higher ahead of data; (F, TTM, SIRI, XMSR)

Posted by: in Stocks Money News

Filed under: Before the bell, International markets, Deals, Ford Motor (F), XM Satellite Radio (XMSR), Sirius Satellite Radio (SIRI), Market matters, JPMorgan Chase (JPM), Economic data, Bear Stearns Cos (BSC), Tata Mtrs Ltd (TTM), Housing

U.S. stock futures turned positive recently, despite being lower earlier this morning. With the recent advances on Wall Street the past two sessions, some investors feel it may be prudent to be more cautious and wait for some more data to be released before rejoining the activity.

U.S. stocks rallied on Monday after J.P. Morgan Chase (NYSE: JPM) increased its offer for Bear Stearns (NYSE: BSC) and after sales of existing homes rose for the first time in seven months, giving investors hope both the credit and the housing crisis may have witnessed a bottom. With such positive sentiment, the Dow Jones Industrial Average rose 187 points, or 1.5%, the S&P 500 also rose 1.5%, or 20 points, while the Nasdaq Composite gained 68 points, or just over 3%.

Today, two main economic releases are due. The S&P/Case-Shiller index on home prices in January is due before the market open and March consumer confidence is due out at 10 a.m. EDT. Judging from yesterday’s existing home sales report, housing prices haven’t recovered yet and will likely show yet another decline. Similarly, consumer confidence is expected to be lower than the previous month as well, as consumers haven’t regained confidence in the economy.

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