By Anora Mahmudova and Sara Sjolin, MarketWatch Tiffany falls
1.4% premarket after reporting earnings
NEW YORK (MarketWatch) -- U.S. stocks looked set to extend their
record run on Tuesday, with futures moving higher after an upward
revision to GDP data.
The economy expanded even faster in the third quarter than
previously reported, offering fresh evidence that the U.S. entered
the final months of 2014 on an accelerated track.
Investors await reports on housing and consumer confidence after
the markets open.
Futures for the Dow Jones Industrial Average (DJZ4) picked up 20
points, or 0.1%, to 17,812, while those for the S&P 500 index
(SPZ4) added 2.20 points, or 0.1%, to 2,069.70. Futures for the
Nasdaq 100 index (NDZ4) climbed 7.75 points, or 0.2%, to
4,290.25.
The small gains came after the S&P 500 (SPX) and Dow Jones
Industrial Average (DJI) closed at record levels on Monday.
Economic data: At 9 a.m. Eastern, an update on the housing
market is due with both the FHFA home-price index and the S&P
Case-Shiller home-price index scheduled for release.
Clues on household spending could emerge from the
consumer-confidence report for November that comes out at 10 a.m.
Consumer confidence is already at the highest level in seven years,
so the pickup in hiring and sudden plunge in gasoline prices could
add to the optimism.
Stocks to watch: Tiffany & Co. (TIF) fell in premarket
action after the luxury jeweler reported fiscal third-quarter
profit and net sales that fell shy of expectations and lowered its
sales outlook.
Wal-Mart Stores Inc. (WMT) could be on the move after The Wall
Street Journal reported that the retailer's chief merchandising
officer Duncan Mac Naughton is expected to announce his departure
just days before one of the year's biggest shopping days -- Black
Friday.
Lennar Corp. (LEN) could also be active after RBC Capital
Markets lifted the price target on the home builder by 14% to
$54.
Other markets: European stock markets climbed after GDP data
from Germany confirmed Europe's largest economy dodged falling into
a technical recession in the third quarter. Asia stocks closed
mixed.
Oil futures (CLF5) advanced and gold prices (GCZ4) slipped after
the GDP data. The dollar (DXY)(USDJPY) moved slightly lower against
the yen.
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