By Carla Mozee, MarketWatch
IEA cuts view on oil demand
LONDON (MarketWatch) -- U.S. stock futures signaled a modestly
higher open on Tuesday, with monthly reports on job openings and
small businesses set to offer clues to the pace of economic
recovery in the U.S.
Futures for the Dow Jones Industrial Average (DJU4) rose 22
points, or 0.1%, to 16,537, while those for the S&P 500 index
(SPU4) rose 3 points, or 0.2%, to 1,935.50. The Nasdaq 100 index
(NDU4) picked up 6 points, or 0.1%, to 3,910.50.
The Bureau of Labor Statistics will release its June job
openings and labor turnover survey, or JOLTS, at 10 a.m. Eastern
Time. Federal Reserve Chairwoman Janet Yellen often cites the
survey when she assesses the state of the labor market.
Details will include the number of workers who were hired, fired
or laid off, or who quit their jobs, in June. JOLTS data for May
showed monthly job openings hit 4.6 million, compared with 4.3
million when the recession started at the end of 2007.
The National Federation of Independent Business's gauge of small
businesses, released early Tuesday, showed sentiment edged higher
in July. Small businesses account for the bulk of U.S.
employment.
Stocks rose Monday, led by small-caps, in what was described as
a relief rally after the selloff over the past two weeks. Equities
have been under pressure on concerns the Fed will raise interest
rates sooner rather than later as well as on broader worries about
a trade war between Russia and the West. The Russell 2000 (RUT), an
index of small-cap companies, closed up 0.9%, and the S&P 500
(SPX) ended 0.3% higher.
Stocks in focus
Shares of Intercept Pharmaceutical (ICPT) leapt 59% ahead of the
bell, after the company late Monday issued positive data about an
experimental treatment for liver disease.
Flowers Foods shares (FLO) stumbled 10% premarket after
disappointing quarterly results and yearly forecast from the bakery
goods company, whose brands include Nature's Own.
Tesla Motors (TSLA) was off 0.5% before the open. Consumer
Reports magazine said its long-term ownership of the Tesla Model S
electric car has been mostly positive, but there have been several
reliability problems with the car, echoing a similar result from
Edmunds.com.
Apple shares (AAPL) edged up 0.5% premarket, following a
Bloomberg report that production of new iPad models has begun.
Elsewhere, Germany's DAX 30 index fell after key ZEW
economic-sentiment figures came in sharply lower than anticipated.
Those expectations "were understandably low, given the data over
the last few months and the deteriorating trade relationship
between Europe and Russia," said Craig Erlam, market analyst at
Alpari UK, in emailed comments.
Oil futures (CLU4) fell nearly $1 a barrel, turning lower after
the International Energy Agency said world oil demand will rise
less than previously thought this year. The IEA also said there's
ample supply of oil for the market.
Gold futures (GCZ4) gained $1 an ounce. Asian markets were
mixed, with Japan's Nikkei Average up 0.2%.
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