April 16, 2013 / 12:22 PM / 4 years ago

US STOCKS-Futures climb on gold bounce, earnings

* Gold prices rebound after selloff

* Goldman Sachs, Coca-Cola higher after earnings

* CPI, housing starts data on tap

* Futures up: Dow 106 pts, S&P 12 pts, Nasdaq 22.75 pts

By Chuck Mikolajczak

NEW YORK, April 16 (Reuters) - U.S. stock index futures rose on Tuesday, indicating the S&P 500 may rebound from its worst decline since November, as gold prices bounced and healthcare company Johnson & Johnson was among companies reporting stronger-than-expected earnings.

Spot gold gained 2.5 percent as the market tried to steady after the precious metal recorded its biggest ever daily drop in dollar terms in the prior session. But even as physical buyers seized on the lower prices, investors remained jittery about further declines.

U.S.-listed shares of gold miners Barrick Gold and Randgold Resources rose on earnings. Barrick rose 3.2 percent to $20.56 and Randgold climbed 5.9 percent to $73.14 in premarket trade.

U.S. stocks posted their worst day since Nov. 7 on Monday as big declines in the price of gold, oil and other commodities fed a broad selloff in equities, with weakness accelerating late in the session after two fatal explosions near the finish line of the Boston Marathon.

“We are seeing a bounce here in equities, but the bounce in the metals is weak at this time. That means we could see more adjustments in the days ahead,” said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

“We did have a major selloff yesterday, in part that was accelerated by the Boston event, but the market was ripe for a pullback and the slower growth scenario is going to take its toll on the market.”

S&P 500 futures rose 12 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 106 points, and Nasdaq 100 futures added 22.75 points.

A flurry of earnings reports helped futures climb. Coca-Cola Co gained 3.1 percent to $41.32 in premarket action after the soft drink company posted first quarter earnings and announced a deal to sell some territory held by its company-owned bottling system.

Fellow Dow component Johnson & Johnson added 1.5 percent to $82.90 in light premarket trade after the diversified healthcare company reported better-than-expected first-quarter earnings.

Goldman Sachs reported a 5.5 percent rise in quarterly profit as it earned more from investment banking. Goldman shares were flat at $146.46 in premarket trading.

Intel Corp is scheduled to post earnings after the close.

Data on the housing market and inflation are due at 8:30 a.m. (1230 GMT) with the release of the March consumer price index along with housing starts and permits for March.

Economists in a Reuters survey expect an unchanged CPI reading in March compared with a 0.7 percent rise in February. Excluding volatile food and energy items, CPI is seen up 0.2 percent, a repeat of the February increase.

Housing data is forecast to show ground was broken on 930,000 homes at an annualized rate in March versus 917,000 in February. A total of 940,000 building permits were forecast for March compared with 939,000 in the prior month.

At 9:15 a.m. (1315 GMT), the Federal Reserve releases industrial production and capacity utilization data for March. Economists in a Reuters survey expect a 0.2 percent rise in production and a reading of 78.4 percent for capacity utilization.

European shares fell for the third straight day due to concerns about global growth, with Louis Vuitton owner LVMH a high profile loser after poor sales figures from its fashion and leather goods business.

Japan’s Nikkei average trimmed earlier losses to end down 0.4 percent, after tumbling as much as 2 percent earlier as the yen’s rebound took a toll on sentiment.

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