Wall Street was set for a higher open on Tuesday after data showed home prices were unchanged in October and analysts said it suggested slow stabilization in the housing sector.
The S&P/Case-Shiller composite index of home prices in 20 metropolitan areas was flat in October, while economists expected an 0.2 percent increase, according to a Reuters survey.
The rate was basically in line with the consensus forecast. We continue to see stabilization on a month to month basis in housing prices, said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York.
S&P 500 futures rose 3.9 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 added 32 points, and the Nasdaq 100 futures gained 4.5 points.
If the market advances Tuesday, it would be Wall Street's seventh straight positive session. Stocks have mostly inched up in recent days, as investors turn their focus to 2010. The S&P 500 has shot up almost 25 percent for the year, but gained only 3 percent during the seven-day run.
The consumer confidence number for December is due at 10 a.m. EST and is expected to rise to 52.5 from 49.5.
Shares of Amazon.com Inc
Bank shares could see interest after Bank of America-Merrill Lynch cut its fourth-quarter profit estimate for Goldman Sachs Group Inc
(Additional reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)