By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) -- U.S. stock futures traded sideways early
Tuesday, as investors readied for potentially more investment
signals from durable goods, home prices and other data.
That pause comes a day after the S&P 500 index notched a new
intraday high above 2,000 and closed just shy of that psychological
barrier.
Futures for the S&P 500 index (SPU4) were flat Tuesday at
1,994.70, while those for the Dow Jones Industrial Average (DJU4)
eased 3 points to 17,053. Futures for the Nasdaq-100 index (NDU4)
added 1.75 points to 4,065.25.
Data ahead, more on S&P 500 at 2K: Durable-goods orders for
July will be released at 8:30 a.m. Eastern Time. Economist predict
record-high orders -- a 12.6% gain versus a 1.7% rise in June,
though much of that gain is being credited to a big month for
Boeing Co. (BA). A report on core capital-goods orders is coming at
the same time.
Investors will also get a fresh look at house prices via
separate June reports from S&P/Case-Shiller and the Federal
Housing Finance Agency, both due at 9 a.m. Eastern Time. Then the
latest reading on consumer confidence, for August, comes at 10 a.m.
Eastern Time. Read a preview of all the data
While disappointment over durable goods could hit stocks, "it is
going to be any change in the geopolitical landscape that has the
potential to cause the most volatility," said Joao Monteiro,
analyst at Valutrades, in a note. See: Peace-talk hopes diminished
for Russia/Ukraine and U.S. military preps for surveillance flights
over Syria.
The S&P 500 index (SPX) notched an intraday record at
2,001.95 on Monday, but closed shy of that, up 0.5% to 1,997.92.
Plenty of people are asking where it goes from here. Read: The
S&P 500 topped 2,000. Should you care?
Bill McNamara, technical analyst at Charles Stanley, said the
S&P 500 continues to be supported by its long-term uptrend and
200-day moving average, with "little in the technical picture to
suggest that this situation is about to change."
"In fact, although the index is starting to look somewhat
overbought -- its 14-day MA (moving average) has pushed up to 65%
-- its recent surge in upside momentum looks set to continue and
further all-time highs (and a close above 2,000) cannot be too far
away," he said in a note on Tuesday.
Movers and shakers: Burger King Worldwide Inc.'s (BKW) planned
takeover of Canada-based Tim Hortons Inc. (THI) may stay in the
spotlight on after the news that the fast-food giant is getting
financing help from Warren Buffett's Berkshire Hathaway Inc.
(BRK/A) , The Wall Street Journal reported, citing sources.
Best Buy Co. (BBY) will release results ahead of the opening
bell. Can Best Buy keep the momentum going?
Shares of Kite Pharma Inc.(KITE) may add to a 30% late-session
gain, after the biotech reported the majority of patients responded
positively to its cancer-drug candidate.
Other markets: The Stoxx Europe 600 was flat after Monday's
gains, but the FTSE 100 came back from a holiday to play catch-up,
while Asian stocks were mixed. Gold(GCV4) found some renewed
strength as the dollar (DXY) eased.
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