Futures Eke Up; Some Optimism Returns
Futures indicated a slightly higher open for Wall Street Tuesday as doubts about the sustainability of a global economic recovery dimmed.
European stocks eked higher as investors dropped defensive stocks like heath care and telecoms for mining stocks. Asian stocks closed mostly lower on the day.
- Dow 30: Extra-Hours Quotes
- Pre-Markets/Futures Data
The energy sector was in focus as oil prices pared earlier losses to trade above $64 a barrel and Barclays cut its price targets for oil giants like Chevron and ConocoPhilips , while raising its targets for Exxon Mobil and Murphy Oil .
The UK bank cut Chevron's price target to $96 from $99 with an 'overweight' rating; it lowered its price target for ConocoPhilips to $59 from $61 with an 'equal weight' rating.
Barclays raised Exxon Mobil's price target to $91 from $87, with an 'equal weight' rating and increased its target for Murphy Oil to $73 from $72, also with an 'equal weight' rating.
U.S. auto parts maker Lear officially filed for Chapter 11 bankruptcy protection on Tuesday, a day after laying out plans to restructure its $3.6 billion debt burden under a proposed deal with creditors, according to Reuters.
The most notable event for the day may be the auction of 3-year Treasury notes, with the results expected shortly after 1 pm New York time.
President Obama spoke in Moscow, Russia Tuesday morning and called for "more than a fresh start between the Kremlin and the White House." "It won't be easy. It is difficult to forge a lasting partnership between former adversaries and to change habits that have been ingrained in our governments for decades," he said in a speech at a Moscow university.
A second fiscal stimulus package for the U.S. is being hotly contested as government adviser Laura D'Andrea Tyson said in a seminar in Singapore on Tuesday. She said the first package of $787 billion was smaller than she would have liked and that a possible second package should be focused on infrastructure investment, Reuters reported.