US pre-open: Stocks seen up ahead of data slew; Bed Bath & Beyond surges
US stock futures pointed to a firmer open on Wall Street on Tuesday as investors eyed a slew of data releases.
At 1210, GMT, Dow Jones Industrial Average and Nasdaq futures were up 0.6%, while S&P 500 futures were 0.5% higher.
"US markets look set to open higher this morning, after the rebound in the Nikkei 225 overnight, as investors weigh up what bond markets are telling us about the overall economic outlook, and the prospects for future valuations," said CMC Markets analyst Michael Hewson.
In corporate news, Apple shares were 1.1% higher in pre-market trade after the tech giant's press event on Monday.
Goldman Sachs said the services reveal was materially different to what it was expecting. The Apple TV+ service which it expected to be available now was only previewed for autumn availability, with no pricing information. Meanwhile, an Apple credit card offer was announced for summer availability with attractive spending tracking features but GS said its calculations imply little short-term earnings impact for Apple.
"Apple also previewed an Arcade gaming subscription service but again for fall availability with no pricing information. The news service announced was as we had expected and is the only Service announced that is available immediately.
"Finally, Apple offered no Services bundle to compel users to sign up now though this is still a possibility for the actual launch this fall. Though all of these services are interesting from a platform churn point of view none seem likely on our calculations to materially impact earnings per share in the short term, with the possible exception of Apple Arcade pending pricing and service details."
Elsewhere, biotechnology group Alderya Therapeutics saw its shares rocket 52% as it said a phase 3 trial of its allergic conjunctivitis treatment met both primary and secondary endpoints.
Bed Bath & Beyond shares surged 21% following a report that activist investors are launching a fight to replace the entire board of directors.
On the data front, housing starts and building permits are at 1230 GMT, S&P/Case-Shiller house prices are at 1300 GMT, and consumer confidence and the Richmond Fed manufacturing index are at 1500 GMT.