Futures Trade Mixed Amid Ongoing EU Worries
U.S. stock index futures were slightly higher, but investors remained cautious following a string of disappointing economic reports last week and amid the ongoing uncertainty in the euro zone.
The G7 ministers and central bankers around the world held an emergency call to discuss the euro zone's worsening debt crisis, but no major agreements or plans were formed.
European shares turned mixed in thin trading. The U.K. market is still closed due to the extended holiday for the Queen’s Diamond Jubilee.
Ratings agency Egan-Jones downgraded the U.K.'s credit ratingfrom double-A to double-A minus late Monday afternoon.
Shares closed flat in choppy trade on Monday.
Facebook was slightly higher in pre-market trading after the social-networking giant closed at an all-time low in the previous session.
Meanwhile, Oracle said it will acquire Collective Intellect, which helps businesses to get information about consumers from Facebook and Twitter pages. This comes a day after rival Salesforce.com announced a deal to purchase social media marketing company Buddy Media.
Economic reports out on Tuesday include the Institute for Supply Management’s non-manufacturing index at 10 a.m. ET, which tracks monthly changes in the service sector economy. Economists polled by Briefing.com predict the index fell in May to 53.1, down from 53.5 in April.
Investors will also look ahead to the Fed’s April edition of the Beige Book , its region-by-region assessment of the U.S. economy, which is out on Wednesday.
Hovnanian is scheduled to post earnings after the closing bell tonight.
Meanwhile, Australiacut interest rates for the second successive month, with investors hoping this will herald stimulus measures from other governments around the globe.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
Coming Up This Week:
TUESDAY: ISM non-mfg index; earnings from Hovnanian
WEDNESDAY: Weekly mortgage apps, ECB announcement, productivity and costs, oil inventories, Fed's Beige Book, Fed's Lockhart speaks, Fed's Lockhart speaks, Fed Basel III vote
THURSDAY: Bank of England announcement, jobless claims, Bernanke speaks, quarterly services survey, Fed's Lockhart speaks, Fed's Kocherlakota speaks, consumer credit; Earnings from Lululemon Athletica, JM Smucker
FRIDAY: International trade, wholesale trade, Fed's Kocherlakota speaks, Chesapeake annual meeting
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