U.S. Stock Futures Gain After Durable Goods Orders Top Forecasts
U.S. stock futures increased after government data showed orders for durable goods increased more than forecast.
Futures on the Standard & Poor’s 500 Index increased 0.1 percent to 1,317.3 at 8:31 a.m. in New York.
Bookings rose 1.1 percent, the first increase in three months, a Commerce Department report showed today in Washington. The median forecast of 76 economists surveyed by Bloomberg News called for a 0.5 percent gain. Excluding the volatile transportation equipment, orders for goods meant to last at least three years advanced 0.4 percent.
U.S. stocks advanced yesterday, sending the S&P 500 up 0.5 percent, as optimism about the housing market tempered concern about a worsening of Europe’s debt crisis.
The S&P 500 has risen 3.3 percent after slumping 9.9 percent from a four-year high on April 2 through the first day of June. The rebound came after the index’s valuation slid to 12.9 times reported earnings, the cheapest level since November.
Alcoa Inc., the largest U.S. aluminum producer, is scheduled to report second-quarter results on July 9 to start the earnings season for Dow Jones Industrial Average companies. Profits at S&P 500 companies fell 1.1 percent in the April-June period, according to analyst estimates compiled by Bloomberg. That would mark the first year-over-year decrease since 2009.
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