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Futures Hold Gains After Industrial Production
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U.S. stock index futures were higher Tuesday, as traders continued to digest a handful of news from Greece.
In the latest development in Europe, China renewed its commitment to investing in euro zone debt. Assurances from China came via Central Bank Governor Zhou Xiaochuan, who said the nation also would play a role in helping Europe snap back from its sovereign debt crisis.
Menawhile, the euro slipped amid reports that the euro zone finance ministers may delay bailout payments to Greece, while still avoiding a disorderly default.
Germany's gross domestic product shrank by less than expected, while the euro zone economy shrank, but a north-south divide was evident as France grew while Italy contracted.
On the economic front, the Empire State survey, the monthly gague of manufacturing in the state of New York, improved more than expected to 19.53 in February. Analysts had expected a reading of 13.48, according to a Reuters Poll.
U.S. industrial production was unexpectedly flat in January, according to a Federal Reserve report. Economists polled by Reuters expected industrial production to increase 0.7 percent. Meanwhile, the Fed revised December's industrial production to show a 1 percent gain instead of the previously reported 0.4 percent increase.
Among earnings, Comcast [CMCSA
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] rallied in premarket trading after the parent company of NBCUniversal reported earnings of 47 cents a share while hiking its dividend and announcing a share buyback program.
CBS [CBS
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], NetApp [NTAP
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] and Nvidia [NVDA
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] are among companies that are slated to post results after-the-bell tonight.
Bank of America shares [BAC
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] continued to rise even as analysts pile on the company with doubts that its surge over the past two months is sustainable. Bernstein Research cut BofA to "market perform" on fears that the company has little earnings power in 2012.
Kellogg [K
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] said it will acquire the Pringles business division from Procter & Gamble [PG
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].
Meanwhile, Capital One [COF
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] was approved by the Fed to acquire ING's [ING
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] U.S. online banking unit. The purchase will mark the biggest U.S. bank deal since the Dodd-Frank law of 2010 mandated stricter merger reviews.
Also on the economic front, results from the National Association of Home Builders’ Survey is due at 10 a.m.
Weekly oil inventories data are due at 10:30 a.m., and analysts surveyed by Reuters expect crude stocks to have risen by 1.5 million barrels. Oil prices rose as worries over the Middle East trumped concerns about Europe's subdued economy.
The minutes from the last Federal Open Market Committee meeting are released at 2 p.m. New York time, and traders will be watching to see what Fed members had to say about more quantitative easing.
And in politics, members of a House-Senate committee in charge of writing a measure to extend a cut in payroll taxes reached a tentative deal on Tuesday evening.
—Follow JeeYeon Park on Twitter: —
Coming Up This Week:
WEDNESDAY: Industrial production, Fed's Fisher speaks, housing market index, oil inventories, FOMC minutes, credit card default rates reported; Earnings from CBS, Netapp, Nvidia
THURSDAY: Housing starts, jobless claims, PPI, Bernanke speaks at FDIC hearing, Philadelphia Fed survey; earnings from GM, Applied Materials, Baidu, Nordstrom
FRIDAY: CPI, leading indicators; Earnings from Campbell Soup, Heinz
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