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U.S. futures steady ahead of home sales data; Dow Jones up 0.09%

Published 12/30/2013, 06:54 AM
U.S. futures little changed ahead of data
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Investing.com - U.S. stock futures pointed to a steady open on Monday, as markets eyed the release of U.S. pending home sales data later in the day amid light year-end trade.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.09% rise, S&P 500 futures signaled a 0.09% increase, while the Nasdaq 100 futures indicated a 0.04% gain.

Trading volumes were thin as many investors already closed books before the end of the year, reducing liquidity in the market and increasing volatility, which helped exaggerate market moves.

Market sentiment improved after European Central Bank Governing Council member Jens Weidmann on Friday said keeping interest rates low may endanger political reforms.

According to Germany’s Bild newspaper, Weidmann said low inflation shouldn’t be used to justify loose monetary policy. "We must take care to raise interest rates again in a timely manner should inflation pressures build," he reportedly added.

Meanwhile, equity markets were jittery amid expectations of further stimulus tapering by the Federal Reserve. The U.S. central bank will start reducing its bond-buying stimulus program by USD10 billion a month in January, amid indications of an improving U.S. economy.

Crocs was expected to be active, following reports Chief Executive Officer John McCarvel will retire and Blackstone Group will invest USD200 million in convertible preferred stock. Shares in the plastic clogs manufacturer surged 6.08% in pre-market trade.

In the Internet sector, Twitter shares plummeted 2.31% in early trading after losing over 13% at the close of the U.S. trading session on Friday. The stocks had gained 6% to a fresh all-time high on Thursday, bringing it close to having tripled from its November IPO.

Separately, Amazon.com was likely to remain in the spotlight after data from Flurry Analytics last week revealed that the company's Kindle got the biggest boost in device activations on Christmas Day.

Other stocks expected to be in focus included Cal-Maine Foods, scheduled to post quarterly results later in the day.

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 eased 0.07%, France’s CAC 40 dipped 0.04%, Germany's DAX edged 0.07% lower, while Britain's FTSE 100 fell 0.11%.

During the Asian trading session, Hong Kong's Hang Seng Index inched up 0.01%, while Japan’s Nikkei 225 Index gained 0.69%.

Later in the day, the U.S. was to release industry data on pending home sales.


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