U.S. stock futures were pointed slightly higher Tuesday despite more turmoil in Europe. Investors may simply be pausing following a large drop for indexes on Monday –� the Dow fell 138 points.
Italian and Spanish bond yields turned higher again, and German Chancellor Angela Merkel spooked markets when she worried aloud that an upcoming EU summit would focus too heavily “on all kinds of ways of sharing debt.” Late on Monday, Moody’s downgraded 28 Spanish banks.
The Case-Shiller home price index showed prices in the U.S. rose 1.3% in April. Economists had been expecting the index to fall. Consumer confidence data is due out later this morning
Dow futures rose 15 points; S&P 500 futures rose 1.4 points.
News Corp. (NWSA) rose 6.8% on a report in the Wall Street Journal that it could split its publishing and entertainment businesses. (News Corp. owns Barron’s.)
JPMorgan Chase (JPM) rose 1.6% after Goldman Sachs put the bank on its conviction list, removing Morgan Stanley (MS) from the list.
Apollo Group (APOL) rose 5.3% after better than expected earnings. Other for-profit education companies also rose.
LDK Solar (LDK) fell 7.4% after a disappointing earnings report.
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