In the Headlines
Equity futures headed higher and crude oil prices headed lower Tuesday. NYSE and Nasdaq stocks were ready to build on yesterday's intraday rallies, which sent the S&P 500 and Nasdaq to positive closes.
European stocks were trading moderately higher early Tuesday. Late Monday, S&P said Greece's debt was in selective default, and the European Central Bank temporarily disallowed Greek-issued debt instruments from being used as collateral.
Financials were among gainers in European trade ahead of Wednesday's round of three-year lending from the ECB. The euro was trading higher ahead of Wall Street's open on Tuesday.
In Asia, most major indices closed higher. The Shanghai Composite ended with a gain of 1.65%, following reports that China would begin lending more money to municipalities for roads and other construction projects.
Crude oil fell by $0.29 a barrel, to a still-high $108.27. However, the slip below previous peaks gave some cheer to global equity traders.
At 8:30 a.m. EST, the Commerce Department reports durable goods numbers for January, with economists eyeing a drop of 1.1% last month.
Case-Shiller home-price data for December are due out at 9 a.m. EST. Economists expect to see an overall decline of 3.6% in the 20 largest U.S. markets.
An hour later, The Conference Board, a Washington-based think tank, releases February consumer confidence data. Analysts anticipate a reading of 62.5, up from the prior level of 61.1.
In earnings news, S&P 500 component AutoZone (AZO) reported second-quarter income of $4.15 a share, easily topping views of $4.04. Sales also beat, coming in at $1.88 billion vs. expectations for $1.78 billion.
Same-store sales were up 5.9% in the quarter. AutoZone rolled $20.46 higher in the premarket, a gain of 5.59%, to $386.55.
Domino's Pizza (DPZ) said fourth-quarter earnings were $0.52 per share, ex-items, vs. views of $0.49 a share. Revenue was $502 million, below expectations for $512.70 million.
Domino's rose $0.72, 2.15%, to $34.26 following the announcement. Heading into Tuesday's session, shares had been consolidating along their 10-week average.
A premarket gainer was Priceline.com (PCLN), vaulting $45.96, 7.77%, to $637.50 following a stronger-than-expected quarterly report late Monday.
Also trading higher in the premarket was chipmaker Micron (MU). Fellow memory chipmaker Elpida, a Japan-based company, filed for bankruptcy protection, sending rivals' shares higher. Micron climbed $0.14, 1.64%, to $8.70 in early trade.
Southwestern Energy (SWN) tumbled $1.44, 4.08%, to $33.89 ahead of the bell. Late Monday, the oil-and-gas explorer and producer missed earnings views.
Bernstein initiated coverage on Walt Disney (DIS) with a rating of Outperform. Mouse House shares climbed $0.31, 0.74%, to $41.95 before the open.
Social networking company LinkedIn (LNKD) was started with a rating of Market Perform at BMO Capital. Shares went public in May at $45 and closed Monday at $89.23. However, the stock has continued to trade below its opening-day session high of $122.70.
Medical software maker Cerner (CERN) was initiated at Sterne Agee with a Buy rating. Shares rallied to a new high of $75 Monday, the stock's fifth session in a row of gains.