(By Balaseshan) US stock-index futures pointed to higher open on the Wall Street rebounding from three day losses, after better than expected housing data overshadowed Greece political uncertainty.
Mini Dow industrial average futures rose 44.00 points to 12,649.00. The Nasdaq Futures gained 10.25 points to 2,588.50. Standard and Poor's 500 futures rose 5.60 points to 1,333.80.
On the US economic front, housing starts in the U.S. rose in April from a five-year low, while building permits dropped for the first time this year. According to a Commerce Department report, housing starts rose 2.6 percent to 717,000 from a revised 699,000 in March, while economists' expected 680,000. Building permits, an indication of future construction, fell 7.0 percent to 715,000 from 769,000 in the prior month, while economists' predicted 730,000.
In Greece, the final talks to form a coalition government failed, meaning the country may have to face new elections. A fresh election date may be announced shortly for the debt-ridden nation.
On Tuesday, U.S. stocks ended in red amid reports that Greece will hold a new round of elections after efforts to form a government collapsed, raising worries that the debt-plagued country may leave the euro zone.
Hot Stocks Of The Day: TGT, DE, JCP, ANF, SPLS, CHSTarget Corp.
) rose 2.02 percent in premarket after the discount retail giant raised its earnings forecast backed by better-than-expected first-quarter results. Target sees second quarter adjusted EPS between $1.04 and $1.14, coming in above consensus estimate of $0.99. For the full year, the company raised its earnings per share forecast by 5 cents to $4.60 to $4.80, while analysts expect $4.28.Deere & Co.
) rose 1.80 percent in premarket after the company's quarterly results beat market expectations as higher shipment volumes drove growth in sales. EPS was $2.61 on revenue of $10 billion, while Street predicted EPS of $2.53 on revenue of $9.70 billion.J.C. Penney Co. Inc.
) plunged 14.80 percent in premarket after lower than anticipated quarterly results. The company said it will discontinue its $0.20 per share quarterly dividend.Abercrombie & Fitch Co.
) fell 5.64 percent in premarket after the company's quarterly revenue missed consensus. The company said European sales trends remained challenging in a very difficult macroeconomic environment. Staples Inc.
) declined 2.44 percent in premarket after the company's 6 percent decrease in first quarter earnings. Sales declined 1 percent to $6.10 billion, missing consensus of $6.19 billion.Chico's FAS Inc.
) rose 4.02 percent in premarket after the company quarterly results exceeded Street's expectations as higher comparable sales, increase in square footage and the inclusion of Boston Proper drove the results.Global Markets:
The European markets traded mixed amid concerns surrounding Greece, with Germany's DAX falling 0.37 percent to trade at 6,377.14. France's CAC40 rose 0.99 percent to 3,069.22. Britain's FTSE 100 edged 0.38 percent lower to 5,416.98.
Asian markets ended lower as Greek concerns persisted. The Shanghai Composite Index fell 1.21 percent to end at 2,346.19. Hong Kong's Hang Seng tumbled 3.19 percent to close at 19,259.83. Japan's Nikkei 225 shed 1.12 percent to close at 8,801.17. India's BSE Sensex finished at 16,030.09, down 1.83 percent.Market Scan:
Ahead of the opening bell, crude oil futures fell 1.17 percent to $92.88 per barrel. Gold futures tumbled 1.18 percent to $1,538.70 per ounce.
In the currency market, the euro edged 0.13 percent higher against the U.S. dollar to 1.2745, while the British pound shed 0.38 percent against the greenback to 1.5934. The dollar rose 0.39 percent against the Japanese yen to 80.5000.