Stock index futures slipped on Tuesday, after Wall Street closed at its highest level in 10 weeks, but bulls could be tempted into the market as the S&P pierced two key technical levels.
Research In Motion Ltd
Additionally, Research In Motion is willing to block porn sites and allow governmental spying on users, according to reports, following a threatened ban on its services.
In mergers and acquisitions news, Sanofi-Aventis SA
On Monday, the S&P 500 closed above two key levels -- its 200-day moving average of around 1,114 as well as 1,121, the midpoint between the historic high reached in October 2007 and the 12-year low hit in March 2009, viewed as a key resistance level.
S&P 500 futures slipped 3.2 points and were below 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 fell 11 points, and Nasdaq 100 futures dipped 0.25 points.
Among the morning's corporate results, Dow Chemical Co
Procter & Gamble Co
Economic data on tap includes pending home sales for June and factory orders for June, both due at 10 a.m. EDT (1400 GMT). Pending home sales are expected to rise 0.6 percent, compared with a drop of 30 percent the month before, while factory orders are seen falling 0.5 percent compared with a decline of 1.4 percent the previous month, according to a Reuters poll.
Personal income for June is expected at 8:30 a.m. EDT (1230 GMT). Analysts anticipated a rise of 0.2 percent, compared with a 0.4 percent gain the month before.
Energy shares could get a boost for a second straight day as oil prices extended three-month highs toward $82 a barrel.
Federal Reserve officials, meeting on August 10, will consider whether to use cash the Fed receives when its mortgage bond holdings mature to buy new mortgage or Treasury bonds instead of allowing its portfolio to shrink gradually, as it had been expected to do in the months ahead, the Wall Street Journal reported.
(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)