Before the bell: Stock futures advance as Moody's reiterates U.S. rating

Posted Jun 23rd 2009 7:40AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Economic Data, Oil, Housing, Federal Reserve

U.S. stock futures advanced Tuesday morning, pointing to a higher open on Wall Street, a day after markets sold off sharply. Today is the first day of the Federal Reserve policy meeting, but a statement is not expected until tomorrow. Meanwhile, investors will look at more housing data and focus on Moody's saying it will maintain the United States' credit rating at triple-A.

Moody's Investors Service said on Tuesday that the U.S. government's triple-A credit rating was safe. But echoing financial markets concers, the credit rating agency said U.S.'s rating could be at risk if Washington were unable to bring its public debt back down.

The main economic readings today come from the housing sector. May existing-home sales data, released at 10:00 AM, is expected to show an increase in the annual rate of sales. At the same time, April FHFA house price data should show an improved trend.

Overseas, Asian stock markets fell after the big U.S. and European losses on Monday prompted by the World Bank warning that the global economic downturn would be deeper than previously predicted. European stocks gained some ground back Tuesday.

Meanwhile, oil prices slid to near $67 a barrel Tuesday on expectations of weak demand after the World Bank's prediction of a deeper global recession this year.

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