By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.S. stock futures indicated gains for
Wall Street on Wednesday, with housing data expected to show a
modest bump in sales and investors on the lookout for hints about
interest rates from two Federal Reserve members due to speak.
Futures for the Dow Jones Industrial Average (DJZ4) rose 42
points, or 0.3%, to 17,005, while those for the S&P 500 index
(SPZ4) picked up 6 points, or 0.3%, to 1,978.50. Futures for the
Nasdaq 100 index (NDZ4) tacked on 15 points, or 0.4%, to 4,052.
(Read more in Need to Know column:
http://www.marketwatch.com/story/gold-10000-and-why-golden-is-worse-than-death-when-it-comes-to-crosses-2014-09-24.)
A gain for Wall Street would break three straight sessions of
losses. Stocks fell Tuesday as investors flocked to perceived
safe-haven investments such as U.S. Treasurys on concerns about
slowing global growth and escalating war in the Middle East. The
S&P 500 (SPX) lost 0.6% Dow industrials (DJI) gave up 0.7%, and
the Nasdaq Composite (RIXF) declined 0.4%.
Data: At 10 a.m. Eastern, the U.S. Commerce Department will
release its report on August new-home sales. Analysts are looking
for a modest gain to a seasonally adjusted annual rate of 426,000.
The pace of sales in July fell to a four-month low at 412,000.
Crédit Agricole expects August new home sales to have risen to a
rate of 424,000 in the wake of strengthening confidence among home
builders. The NAHB Housing Market Index in August held to a
"healthy reading above 50," and in particular, "sentiment improved
in the Northeast and Midwest regions where sales have fallen over
the past two months," said Crédit Agricole economist Philippe
Vilasboas in a note.
Investors will monitor a speech by Cleveland Fed President
Loretta Mester at 12:15 p.m. Eastern as she gives her views on the
economy to the Cleveland Association for Business Economics. Mester
is a voting member of the Fed's policy committee this year.
At 1 p.m. Eastern, Chicago Fed President Charles Evans will talk
about the economy and monetary policy at the Peterson Institute for
International Economics. Evans will be a voting member on the
rate-setting panel in 2015.
Stocks to watch: The Securities and Exchange Commission's
enforcement division is investigating whether bond giant Pacific
Investment Management Co., run by investor Bill Gross, artificially
boosted the returns its Pimco Total Return (BOND) exchange-traded
fund, The Wall Street Journal reported late Tuesday.
KB Home (KBH) is expected to report third-quarter earnings of 42
cents a share, according to a consensus survey by FactSet.
Consulting firm Accenture (ACN) is likely to post fourth-quarter
earnings of $1.10 a share.
Shares of Citizens Financial Group (CFG) are slated to begin
trading on the New York Stock Exchange. The regional bank's initial
public offering price of $21.50 a share is below the expected range
of between $23 and $25 a share.
Bed, Bath & Beyond (BBBY) shares climbed nearly 7% in
premarket trade. The home-furnishings retailer late Tuesday posted
better-than-expected quarterly earnings.
Starbucks (SBUX) could be in focus after the coffee chain said
it's moving to take full ownership of its Japanese operations for
more than $900 million.
Lipocine (LPCN) is expected to hold a conference call discuss
"top-line results" from its late-stage study of an oral Androgen
replacement.
Shares of Atossa Genetics (ATOS) lost half their value late
Tuesday after the Food and Drug Administration didn't clear its
ForeCYTE breast aspirator for marketing in the U.S.
Other markets: Japan's Nikkei Average shed 0.2%. Meanwhile, the
dollar fell against the yen (USDJPY) after Japan's prime minister
said he's cautious about the yen's recent weakness.
European stocks wavered following a sluggish reading on German
business confidence. Gold futures (GCZ4) edged up and oil
futures(CLX4) were little changed ahead of weekly supply data from
the U.S. Energy Information Administration.
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