US STOCKS-Futures point to third day of gains ahead of data

Thu Jun 27, 2013 7:16am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Initial claims, personal income data on tap

* Fed Presidents Lockhart, Dudley to speak

* Futures up: Dow 23 pts, S&P 3.5 pts, Nasdaq 5.25 pts

By Chuck Mikolajczak

NEW YORK, June 27 (Reuters) - U.S. stock index futures rose on Thursday, indicating the S&P 500 may climb for a third consecutive day, ahead of data on the labor market and consumer spending.

* Data expected at 8:30 a.m. EDT (1230 GMT) includes weekly initial jobless claims, and personal income and spending for May. Economists surveyed by Reuters forecast a total of 345,000 new jobless filings compared with 354,000 in the prior week. Personal income is expected to rise 0.2 percent and spending is expected to show a 0.3 percent gain.

* After falling as much as 4.8 percent since the last statement from the U.S. Federal Reserve on June 19, the S&P 500 has risen 1.9 percent over the past two sessions as economic data and comments from Fed officials quelled fears the Fed will pare its stimulus program sooner than expected.

* Federal Reserve Bank of New York President William Dudley is scheduled to give remarks on the national and regional economy before a briefing on labor market conditions for recent college graduates at 10:00 a.m. (1400 GMT) while Atlanta Fed President Dennis Lockhart is due to speak on the economic outlook at 12:30 p.m. (1630 GMT).

* S&P 500 futures rose 3.5 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 gained 23 points, and Nasdaq 100 futures added 5.25 points.   Continued...