RTTNews - After seeing some notable profit taking in the previous session, stocks are poised to open Tuesday's session moderately higher as traders digest largely positive housing and producer price data. The major index futures are currently all in positive territory, with Dow futures up by 31 points.

Some buying interest may be generated by the release of a report from the Commerce Department showing a bigger than expected increase in housing starts in the month of May.

The report showed that housing starts rose 17.2 percent to an annual rate of 532,000 units in May from the revised April estimate of 454,000. Economists had expected starts to rise to 485,000 from the 458,000 originally reported for the previous month.

While single-family starts showed a notable 7.5 percent increase in May, the jump in housing starts was due in large part to a 77.1 percent increase in buildings with five units or more

Separately, the Labor Department revealed that producer prices rose 0.2 percent in May. This followed a 0.3 percent increase for April and came in below economist estimates of a 0.6 percent increase.

Core producer prices, which leave out the impact of volatile food and energy prices, edged down by 0.1 percent for May. In April, the figure was up by 0.1 percent.

The Federal Reserve is scheduled to release its monthly report on industrial production at 9:15 a.m. ET, with traders looking to the manufacturing sector to lead the recovery in the absence of adequate support from consumers.

Economists expect industrial production to have declined yet again in May, as the number of hours worked in the factory sector fell sharply for the month.

On the earnings front, Best Buy (BBY) reported adjusted first quarter earnings of $0.42 per share compared to $0.43 per share last year. Wall Street analysts expected the firm to report earnings of $0.34 per share.

La-Z-Boy (LZB) reported its fourth quarter results after the markets closed on Monday, revealing earnings of $0.10 per share, compared to a loss of $0.09 per share in the same quarter last year. The earnings surprised analysts, who had expected the firm to post a loss of $0.11 per share.

With traders cashing in on recent strength, the U.S. stock markets experienced substantial weakness during trading on Monday. The Dow closed down 187 points at 8,612, the Nasdaq closed down 42 points at 1,816 and the S&P 500 closed down 22 points at 924.

Crude oil futures are currently on the rise, climbing $1.79 to $72.41 a barrel after ending the previous session down $1.42 at $70.62 a barrel. The price of gold is also advancing, jumping $11.20 to $938.70 an ounce.

On the currency front, the U.S. dollar is moving off of a monthly high against the euro, slipping to $1.3912, while the greenback is falling to $1.6480 against the pound. Meanwhile, the dollar is rising against the yen, climbing to 97.25 yen.

In overseas trading, stock markets across the Asia Pacific region ended Tuesday's trading on the downside. Japan's benchmark Nikkei 225 Index closed down by 2.9 percent and Hong Kong's Hang Seng finished down by 1.8 percent.

On the other hand, the major European markets are advancing, with the French CAC 40 Index and the German DAX Index both rising by 0.8 percent, while the U.K.'s FTSE 100 Index is up by 1 percent.

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