US pre-open: Futures rise ahead of ISM data, Family Dollar gains
US stock futures edged higher on Tuesday ahead of a key gauge of manufacturing activity, with the S&P 500 expected to extend gains after hitting another all-time high last week.
With Wall Street closed for the Labor Day holiday on Monday, traders were returning to their desks in an optimistic mood, with futures up around 0.1-0.2% across the board in pre-market trade.
The S&P 500 settled at 2,003 on Friday, its 32nd record close of 2014, ending August 3.8% higher.
The widely-followed ISM US manufacturing index, due out at 10:00 in New York, is expected to follow in the footsteps of other global production data which showed a slowdown in August. The index is predicted to fall to 56.8 from 57.1 in July.
US construction spending figures are also scheduled and are expected to show that spending increased 0.9% in July after a 1.8% fall in June.
In corporate news, Dollar General has lifted its offer for Family Dollar to $80 a share. The new bid, up from the $78.50-a-share offer rejected last month, values the company at $9.1bn.
After the previous rejection, Family Dollar's board had recommended a cash/stock proposal by Dollar Tree which valued it at $8.5bn. Family Dollar was trading higher ahead of the opening bell.
Biotech group Exelixis saw shares plummet as it announced that it would cut 70% of its workforce after a failed drug trial for prostate cancer.
BC