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Futures Higher After Case-Shiller Report

CNBC.com
Tuesday, 28 Jun 2011 | 9:05 AM ET

Futures advanced Tuesday after the S&P Case-Shiller home price index showed its first monthly increase in eight months, helped by an annual boost of spring buyers.

Greek lawmakers are expected to vote Wednesday and Thursday on the austerity measures, which must be passed in order to receive the next payment of its bailout.

If the government does not get the next tranche, analysts said Greece could defaulton its debt, possibly sparking a Europe-wide crisis and potential credit market freeze.

Meanwhile, demonstrators gathered in central Athensat the start of a 48-hour strike to protest the vote.

Home prices in major U.S. cities gained for the first time in eight months, according to the Standard & Poor's/Case-Shiller home-price index. The index dipped 0.1 percent on a seasonally adjusted basis, while economists polled by Reuters expected a decline of 0.2 percent. On a non-seasonallya djusted basis, however, the index gained 0.7 percent.

At 10 am ET, consumer confidence data are due and the index is seen at 60.5 for June compared to 60.8 in May. The Richmond Fed economic survey will also be released.

Microsoft edged higher after the software giant said it is making a move into cloud computing. The firm is expected to unveil an online version of its Office software later today.

In earnings news, Nike quarterly results blew past expectations after the bell Monday, sending its shares higher in after-hours trade.

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Accenture is expected to join the S&P 500 index next week, replacing Marshall & Ilsley , which is in the process of being acquired by Bank of Montreal .

The debt saga continues in the U.S., as Treasury Secretary Timothy Geithneris not expected to significantly shift the Aug. 2 date when the government will have exhausted all of its emergency measures to stave off default, according to a report from Reuters.

Meanwhile, the state of New Jersey is negotiating a credit line for up to $2.25 billion to cover a shortfall in the state budget, according to a report in the Wall Street Journal, citing unnamed sources.

European shares edged higheramid optimism that Greece's parliament would pass the vote on austerity measures.

On Tap This Week:

TUESDAY: Consumer confidence, 5-yr note auction, IMF board to select new chief
WEDNESDAY: Weekly mortgage apps, pending home sales index, oil inventories, 7-yr note auction, farm prices, Dell analyst meeting, Fed meeting on card fees; Earnings from Family Dollar, General Mills, KB Home, Monsanto
THURSDAY: Weekly jobless claims, Fed's Bullard speaks, Chicago PMI, End of QE2, Marathon Oil split takes place
FRIDAY: Consumer sentiment, ISM mfg index, construction spending, Biden's deadline for deficit plan, HP launches TouchPad, auto sales

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