The U.S. stock index futures point to a slightly higher open Tuesday as investor sentiment was lifted by expectations that the global economy is recovering led by the revival of consumer confidence in the world’s largest economy.
The futures on the Dow Jones Industrial Average were up 0.08 percent, the futures on the Standard & Poor's 500 Index were up 0.10 percent and those on the Nasdaq 100 Index were up 0.23 percent.
Investors will likely focus on the Dept. of Labor's Consumer Price Index (CPI) for September to be published Tuesday. The CPI, which measures the change in the price of goods and services from consumers' perspective, is expected to rise 0.5 percent in September down from 0.6 percent in August.
The Federal Reserve will publish its Industrial Production and Capacity Utilization report Tuesday. The report measures the change in the total inflation-adjusted value of output produced by manufacturers, mines and utilities. It is expected to rise by 0.2 percent in September after 1.2 percent decrease in August.
On Monday, the U.S. markets rose with investor sentiment turning positive as a rise in the retail sales indicated an improvement in consumer confidence. Market confidence went up on the U.S. Commerce Department's retail sales report Monday showing an upswing in the consumer confidence. The report, measuring change in the total value of inflation-adjusted sales at the retail level, rose 1.1 percent in September up from 0.9 percent rise in August. Meanwhile, core retail sales excluding autos, grew 1.1 percent in September, compared to the 0.8 percent rise in August.
The Dow Jones Industrial Average rose 0.7 percent, the S&P 500 Index was up 0.8 percent and the Nasdaq Composite Index gained 0.6 percent.
European markets rose Tuesday as investor confidence was lifted by hopes that Spain will soon apply for a bailout and hence trigger the European Central Bank’s new bond buying plan. London's FTSE 100 was up 25.24 points, Germany's DAX 30 index rose 48.07 points and France's CAC 40 gained 24.41 points.
Asian stocks also rose Tuesday following global cues. Hong Kong's Hang Seng was up 24.98 points, Japan's Nikkei Stock Average rose 123.38 points and South Korea’s KOSPI Composite Index gained 15.95 points.