Before the Bell: Futures Inch Higher Ahead of Inventory Data

Posted Mar 10th 2010 8:30AM by Melly Alazraki
Filed under: Before the Bell, International Markets, China, Market Matters, Abbott Laboratories (ABT), Economic Data, American Eagle Outfitters (AEO)

U.S. stock futures inched higher Wednesday morning. News is thin this morning, save some corporate deals and later on inventory data -- the first major economic release of the week. Also, some data from China showed that exports and imports grew faster than expected, boosting confidence regarding the global economic recovery.

On Tuesday, Wall Street market the one-year anniversary of the recession's lows and the march to recovery since. U.S. stocks finished with slight gains. The Dow Jones Industrial Average rose 11 points, while the Nasdaq finished at 2010 closing highs.

On the economic front:

A report on wholesale inventories is also due out ar 10:00 a.m. Eastern. Economists forecast a gain of 0.2% for January, according to Briefing.com.
At the same time, state unemployment data for January will also be released.
Later in the day, at 2 p.m., the Treasury budget will be released. Economists expect a February deficit of $221 billion, compared to a deficit of $42.6 billion in January.

Overseas, world stock markets traded in a narrow range Wednesday as investors looked for renewed direction. Chinese exports rose 46% in February, beating analyst forecasts. This is yet another sign of growing global demand. Imports surged 45%, reflecting growing demand in China. Meanwhile, Germany's exports unexpectedly declined in January compared to the previous month.

Among stocks in the news, are Facet Biotech (FACT), which agreed to be acquired by Abbott Laboratories (ABT); InterMune (ITMN), which got a nod from an FDA panel Tuesday; and American Eagle Outfitters (AEO), which announced it is closing brands.

Tags: fact, itmn