Stocks are looking to extend their gains into a seventh straight day as investors anticipate positive readings on home prices and consumer confidence.
Stocks are looking to extend their gains into a seventh straight day as investors anticipate positive readings on home prices and consumer confidence.
Overseas markets are also higher. Other markets, including bonds and commodities, are little changed.
U.S. stock futures edged higher Tuesday ahead of the Standard & Poor's/Case-Shiller October index of home prices, to be released at 9 a.m. Eastern time. Later Tuesday morning, the Conference Board will release its Consumer Confidence Index for December.
Trading has been quiet in recent days, as many investors take vacation between the Christmas and New Year's holidays. But even in light volume, the market continues to plod higher, adding to the big gains logged over the previous 10 months, amid improving economic data. The Standard & Poor's 500 index has risen 2.3 percent in the past six days to a new high for the year.
Ahead of the market's open, Dow Jones industrial average futures rose 33, or 0.3 percent, to 10,520. Standard & Poor's 500 index futures rose 4.50, or 0.4 percent, to 1,126.60, while Nasdaq 100 index futures rose 3.50, or 0.2 percent, to 1,878.
The latest reading on home prices is expected to show a decline in October from year-ago levels, but likely an increase on a monthly basis. Government programs to boost home sales have helped prices improve since June. Economists predict the Standard & Poor's/Case-Shiller home price index of 20 major cities fell 7.2 percent compared to October last year.
Economists expect the Conference Board's Consumer Confidence Index to rise to 52 in December from 49.5 in November. While still a long way from what is considered healthy — a reading above 100 signals strong growth — the index has risen significantly from a historic low of 25.3 in February.
The better consumers are feeling about the economy, the more they will be willing to spend. Consumer spending is an important driver of economic growth. On Monday, stocks rose after a report showed retail sales improved this holiday season.
Government bonds were little changed Tuesday. The yield on the benchmark 10-year Treasury note held steady at 3.85 percent. The Treasury Department will issue $42 billion of five-year notes later Tuesday as part of its latest round of auctions.
The dollar slipped against other major currencies. Oil prices fell 22 cents to $78.55 a barrel in electronic premarket trading on the New York Mercantile Exchange. Gold prices gave up $1 to $1,106 an ounce.
Overseas, Japan's Nikkei stock average inched up 0.04 percent and Hong Kong's Hang Seng index gained 0.1 percent. In late morning trading in Europe, Britain's FTSE 100 was up 0.6 percent, Germany's DAX index added 0.1 percent, and France's CAC-40 rose 0.3 percent.
