💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

US STOCKS-Futures rise, but Japan, Libya issues weigh

Published 03/28/2011, 08:04 AM
Updated 03/28/2011, 08:08 AM
GC
-

* Japan plant radiation, Libya violence add to volatility

* US Feb pending home sales, personal income data on tap

* Telecom shares rise on analyst upgrades

* Futures up: Dow 21 pts, S&P 2.8 pt, Nasdaq 8 pts

* For up-to-the-minute market news see [STXNEWS/US]

(Adds quote, updates prices)

By Ryan Vlastelica

NEW YORK, March 28 (Reuters) - U.S. stock index futures rose on Monday, building on three sessions of gains, though developments in Japan and Libya remained in view, suggesting further volatility ahead.

Reports of soaring radiation levels at a damaged nuclear plant in Japan renewed worries over the country's reactors after an earthquake and tsunami, though Nikkei futures began to recover. For details, see [ID:nL3E7ES0WS]

In the Middle East and North Africa, violence spread as rebels in Libya pushed west over the weekend to retake a series of towns from the forces of Muammar Gaddafi. In Syria, President Bashar al-Assad deployed the army in the country's main port of Latakia for the first time after nearly two weeks of protests spread across the country. [ID:nLDE72Q0C3]

The issues surrounding Japan's nuclear disaster and civil unrest have pressured markets in recent weeks, and while much of those losses have been recouped, the volume of trade has been limited as investors continue to watch headlines closely for trading cues.

"Those issues are still lingering with the market, though I don't think as much attention is being paid as two weeks ago," said Robert Pavlik, chief market strategist at Banyan Partners LLC in Palm Beach Gardens, Florida. "There's more confidence now that we've recovered from the drop we saw on the news."

Market participants are also looking ahead to February personal income and consumption data, due at 8:30 a.m. [1330 GMT]. Income is seen rising 0.4 percent while consumption is seen rising 0.6 percent.

S&P 500 futures rose 2.8 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 21 points and Nasdaq 100 futures rose 8 points.

Robert W. Baird upgraded a number of telecom companies to "outperform," including Dow components AT&T Inc and Verizon Communications Inc , saying AT&T's deal to buy T-Mobile would help stabilize the hyper-competitive industry. [ID:nL3E7ES19O]

U.S.-listed shares of Nokia Corp rose 3.2 percent to $8.62 in premarket trading as Goldman Sachs upgraded the stock to "buy," citing the handset maker's long-term growth potential. [ID:nLDE72R0DO]

Eastman Kodak Co surged 19 percent to $4.05 in premarket trading after a U.S. trade panel agreed to review the company's claim that Research in Motion Ltd and Apple Inc are infringing on Kodak's patents. [ID:nN25292900]

U.S. pending home sales for February, due from the National Association of Realtors at 10 a.m., are seen falling by 1 percent after a string of weaker-than-expected data for the battered housing sector.

A strong forecast from Oracle Corp lifted Wall Street to a third straight day of gains on Friday, giving the S&P its best weekly performance since early February, but volume remained light. (Editing by Padraic Cassidy)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.