Morning Outlook

U.S. stock futures are slightly higher Tuesday morning, extending modest gains logged the previous day and following mixed trading in overseas markets.

Ahead of the market's open, Dow Jones industrial average futures rose 8, or 0.1 percent, to 8,466. Standard & Poor's 500 index futures rose 1.40, or 0.2 percent, to 922.60, and Nasdaq 100 index futures gained 1.25, or 0.1 percent, to 1,482.75.

Economic Calendar

10:00 AM
Consumer Confidence: A survey of consumer attitudes on present economic conditions and expectations of future conditions for the month of June. The consensus reading for June is 57, down from last month’s reading of 54.9. However, consumers don’t seem to want to spend, as indicated with personal savings rising to a 15 year high.

10:00 AM
State Street Investor Confidence Index: Measures confidence by looking at actual levels of risk in investment portfolios. The figure indicates, for a given set of fundamentals, whether or not investors are bullish or bearish on assets with different risk levels.

Stock Futures Rise on Fed Anticipation

Futures indicated a higher open for Wall Street Wednesday ahead of the Federal Reserve's announcement on interest rates and monetary policy.

The Federal Open Market Committee releases its statement at 2:15 pm New York time, at the end of two days of meetings. Economists expect the Fed to give a nod to stabilization of the economy. It may also add some weight to its comments about holding rates down, and it may tweak its quantitative easing program.

The dollar hit its lowest level in nearly two weeks against a basket of currencies ahead of the Fed meeting.

A lower dollar boosted mining stocks and in Asia and Europe as metals prices increased. Gold climbed past $930.

Other U.S. economic data due later will shed more light on the health of the U.S. economy. The Commerce Department will release U.S. May durable goods orders at 8:30 am New York time. Economists polled by Reuters expect a fall in orders of 0.6 percent versus a rise of 1.7 percent in April.

U.S. new home sales data for May is out at 10 am New York time and are expected to rise to 360,000 annualized units versus 352,000 in April, a Reuters poll showed. Weekly mortgage applications are expected out at 7 am.

Oil slid below $69 a barrel after data from the American Petroleum Institute's (API) showed a surge in U.S. gasoline stockpiles, signaling weaker-than-expected demand from the world's top energy user.

Let's keep watching we can hold this rise!

Morning Outlook

Futures indicated a slightly higher open for Wall Street Tuesday, after the stock market saw its worst one-day loss in two months, as defensive stocks rose.

Automakers were likely to be in focus as two of the industry's leaders were set to take advantage of a $25 billion government loan program aimed at helping the companies retool their factories to make advanced-technology vehicles.

Later in the day, existing home sales data for May will be out at 10 am New York time. Economists expect to see sales at 4.8 million, up 2.6 percent.

The Richmond Federal Reserve will release its monthly survey at 10 am New York time. And Goldman Sachs chain-store sales data will be out at 8:45 am.

The American Petroleum Institute will release its weekly stockpile data at 4:30 pm New York time.

President Obama holds a 12:30 pm New York time news conference at the White House. He also plans to spend part of the day meeting Chile President Michelle Bachelet.

Morning outlook

Futures in the U.S. point to the downside over concern about the economy and where the Fed will go later this week as the FOMC meets. In pre market trading, Dow Jones industrial average futures fell 50, or 0.6 %, to 8,426. Standard & Poor’s 500 index futures fell 6.90, or 0.8 %, to 908.80, and Nasdaq 100 index futures fell 9.00, or 0.6 %, to 1,455.00.

Currencies and Commodities

Crude fell on the negative outlook, with a barrel of light, sweet crude on the NYMEX for July delivery falling $1.25, or 1.80% at $68.30. Fears of a deeper global recession dropped inflation expectations and raised demand for the greenback, sending the dollar higher against other major currencies. The drop in inflation pressure, coupled with the stronger dollar sent gold to a one month low. The precious metal fell $10.40, or 1.11% to $925.80 an ounce.

Good luck