Stock index futures edged higher on Tuesday as renewed U.S. dollar weakness lifted shares of natural resource companies and investors set their sights on key housing data due out before the bell.
One day after Wall Street suffered its worst slide in a month, investors are eager for fresh signs that the economy is stabilizing.
We are flat to slightly higher in early trade, owing a lot to what we're seeing in the dollar, said Arthur Hogan, chief market analyst at Jefferies & Co in Boston. The dollar has pulled back and you're seeing some strength in some of the commodity prices, and that's important.
Best Buy , the largest U.S. consumer electronics retailer, is scheduled to posts quarterly results before the bell. Its report will be closely watch for how spending is holding up as consumers contend with sliding home values, rising unemployment and resurgent gas prices.
S&P 500 futures rose 2.9 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 climbed 17 points, while Nasdaq 100 futures rose 6.25 points.
The U.S. May Producer Price Index (PPI) and May U.S. housing starts are due out at 8.30 a.m. EDT.
Data on May industrial production and capacity utilization data is scheduled for release at 9:15 a.m. EDT.
In Monday's light-volume session, the indexes tallied their biggest one-day percentage losses since mid-May. But the broad S&P 500 is still up 36.5 percent from the 12-year closing low of March 9.
(Editing by Padraic Cassidy)