Futures Mixed as Banks Dip, Dollar Recovers
U.S. stock index futures were mixed Tuesday after Monday's gains which gave the U.S. stock market a positive start towards continuing a historical trend.
Futures reacted mildly to a downward revision in third-quarter GDP numbers that showed the economy grew at a a 2.8 percent rate, lower than the 3.5 percent original reading and indicative of a weak recovery. Dow futures shaved about a dozen points following the report and pointed to a slightly lower open.
The Dow has ended the holiday-shortened Thanksgiving week higher about 64 percent of the time over the past 59 years — and more recently, it's gained in six of the past eight Thanksgiving weeks.
Ironically, its best Thanksgiving week performance since 1950 took place last year, while the financial crisis was accelerating: the Dow gained almost 10 percent that week — but only partially making up for the carnage of the prior three weeks.
There's no holiday from economic numbers, with a fairly heavy calendar.
At 9 am New York time, the S&P/Case-Shiller Home Price Index is out, with economists forecasting a year over year drop of 9.3 percent in September for the 20-city index. In August, that index had fallen 11.3 percent.
At 10 am New York time, the Conference Board issues its monthly Consumer Confidence Index - consensus forecasts are calling for a reading of 47.5 for November, down slightly from October's 47.7.
At 2 pm New York time, the Federal Reserve releases the minutes of the most recent FOMC meeting.
The Treasury continues a record week of note auctions by selling $42 billion in 5-year notes. As usual, the results will be available shortly after 1 pm New York time.
Hewlett-Packard may be a stock to watch, though its after-the-bell earnings report largely matched what the Dow component had preannounced two weeks ago.
Investors will also watch Qualcomm , as the European Commission closes a four-year antitrust case against the chipset maker without levying a fine.
Britain's Lloyds Banking Group is in the news for a record $22.4 billion share sale, which was priced at a 60 percent discount to the stock's prior closing price. The sale is one part of a recapitalization plan that Lloyds is instituting to avoid taking part in the UK government's asset insurance program.
- Peter Schacknow, Senior Producer, CNBC Breaking News Desk, contributed to this report