By Sara Sjolin, MarketWatch
Greece also lifts sentiment
LONDON (MarketWatch) -- Wall Street was poised for another
positive session on Wednesday, with futures nudging higher ahead of
a raft of economic data and the release of minutes from the Federal
Reserve's January meeting.
Hopes that Greece will reach a debt deal with its international
creditors also helped lift sentiment.
Futures for the Dow Jones Industrial Average (DJH5) added 6
points to 18,007, while those or the Nasdaq 100 index (NDH5) put on
2.75 points to 4,384.50. Futures for the S&P 500 index (SPH5)
slipped 0.30 point to 2,095.60.
The small gains follow slightly positive session on Tuesday,
when sentiment got some boost from reports that Greece may ask for
a six-month loan extension. The request is expected on Wednesday,
and the conditions of such an agreement are reportedly under
negotiation. Germany has already said it won't accept a mere loan
agreement without a formal extension of Greece's current bailout
program, including the strict austerity conditions attached. The
Global X FTSE Greece 20 ETF (GREK) dropped 3.8% ahead of the
bell.
See: Why the ECB's unlikely to cut off emergency funds to Greek
banks
Data: Kicking off an action-packed data day, the producer-price
index and housing-starts data come out at 8:30 a.m. Eastern
Time.
Economists polled by MarketWatch expect producer prices to have
dropped 0.5% in January month-on-month, down from a 0.3% fall in
December. For housing starts, estimates are for 1.07 million in
January, up slightly from 1.06 million the prior month.
At 9:15 a.m. Eastern Time, industrial production is forecast to
show a 0.4% improvement in January, after a 0.1% drop in December.
Capacity utilization comes out at the same time, expected to have
risen to 79.9% in January, from 79.7% the previous month, according
to MarketWatch estimates.
FOMC minutes: The minutes from the Federal Open Market
Committee's meeting on Jan. 27-28 are due at 2 p.m. Eastern, in the
middle of the U.S. trading day. At the meeting, Federal Reserve
policy makers told investors they would be "patient" about hiking
short-term interest rates, and market participants will scrutinize
the minutes to see whether any of the top Fed officials actually
wanted to drop that phraseology.
Earnings: Reporting before the opening bell, hotel chain Hilton
Worldwide Holdings Inc. (HLT) said fourth-quarter adjusted earnings
rose to 17 cents, slightly missing analyst estimates. The company,
however, said it was optimistic about 2015. Shares climbed 1.2%
premarket.
Also reporting ahead of the bell, satellite TV-provider DISH
Network Corp.(DISH) is expected to post quarterly earnings of 43
cents a share, according to a FactSet survey of analysts.
Airline Virgin America Inc.(VA) is seen reporting quarterly
per-share profit of 79 cents.
As for companies reporting after the markets close, solar-power
company SolarCity Corp.(SCTY) is expected to post a quarterly loss
of $1.27 a share.
Marathon Oil Corp.(MRO) is seen delivering quarterly earnings of
4 cents a share.
Hotel operator Marriott International Inc.(MAR) is forecast to
report quarterly profit of 65 cents a share.
Movers and shakers: Varonis Systems Inc.(VRNS) jumped 11% ahead
of the bell after the IT company late Tuesday reported a 36% rise
in full-year revenues.
Rackspace Hosting Inc.(RAX) fell 2.8% in premarket action after
the cloud-computing company late Tuesday posted a sharp increase in
profit, but predicted first-quarter revenue will be below Wall
Street estimates.
Other markets: European stock markets moved firmly higher,
boosted by optimism that the Greek debt drama could soon come to an
end. Asian markets also got a lift from Greece and closed with
gains.
Crude-oil prices (CLH5) fell more than 1%, while metals prices
were mostly lower as well. The dollar (DXY) rose against most other
major currencies.
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