US Markets

Futures extend gains on upbeat economic data


U.S. stock index futures added to gains Tuesday after the long holiday weekend as investors cheered a better-than-expected durable goods orders report.

Durable goods unexpectedly rose 0.8 percent in April, according to the Commerce Department, exceeding expectation for a loss of 0.7 percent.

Adding to positive news, S&P/Case-Shiller's composite index of 20 metropolitan areas rose 0.9 percent in March, edging past expectations for a gain of 0.7 percent.

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Markit's final services sector PMI for May follows at 9:45 a.m. ET and at 10 a.m. the Conference Board's measure of consumer confidence is due. Economists in a consensus survey expect the consumer confidence index to rise to 83 in May, up from 82.3 in the prior month.

Pfizer edged up in premarket trading a day after the drugmaker walked away from its $116 billion bid to acquire AstraZeneca. AstraZeneca shares dropped.

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Hillshire Brands spiked more than 20 percent after the packaged food company was offered to be bought by poultry producer Pilgrim's Pride in a deal valued at $6.4 billion. Shares of Pinnacle Foods, which is in the process of being acquired by Hillshire, fell.

Over the weekend, the Financial Times reported that Apple will announce a software platform for its iPhone that will control home appliances. The announcement is expected at the company's Worldwide Developer Conference, which begins June 2.

Aeropostale surged after the apparel retailer said it secured a $150 million credit facility from private equity firm Sycamore Partners, in what could be a lifeline for the struggling chain. Aeropostale reported its sixth straight quarterly loss last week.