U.S. stock futures were higher Tuesday morning with the President-elect 's stimulus plan still in focus with its proposed tax cuts, and as Wall Street awaited data on housing, services and manufacturing.Overseas, investors put their hopes in Obama's stimulus plan. Asian stocks closed mostly higher despite Toyota's announcement it would suspend production. A weaker yen, however, helped boost Japanese exporters, mostly tech companies.
European stock markets also rose modestly Tuesday as some relatively positive corporate news helped offset concerns about the global economy. Retailers and pharmaceutical firms leading advancers. Meanwhile, Russia cut gas supply to six European countries just as winter begins. Crude oil prices rose to just below $50 a barrel.
Several economic readings await the Street today. While investors expect the data to show further deterioration, many hope to see the declines moderate.
- At 10:00 am, November factory orders will be released as well as the Institute for Supply Management's December index of non-manufacturing, or services, activity.
- At the same time, November pending home sales from the National Association of Realtors are also due.
- At 2 pm, minutes from the Federal Reserve's December meeting will be released.
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