Stock futures inch up; inflation, housing data ahe

Stock futures inch up ; inflation, housing data ahead
MADRID (MarketWatch) — Wall Street was set for a moderately higher open on Tuesday, with stock futures rising slightly ahead of data on consumer prices, a home builders’ index and the start of the Federal Reserve’s last meeting of the year.

Futures for the Dow Jones Industrial Average (CBE JH4) rose 17 points to 15,840, while those for the S&P 500 index (GLC:SPH4) rose 0.7 point to 1,781. Futures for the Nasdaq-100 index (GLC:NDH4) added 1.75 points to 3,471.75.

At 8:30 a.m. Eastern Time, consumer prices for November will be released. Economists polled by MarketWatch are forecasting a rise of 0.1% and the same increase for the core rate, which strips out food and energy. Headline inflation fell 0.1% in the prior month. In the 12 months ended October, consumer prices rose 1%, and 1.7% on a core basis, with both well below the Fed’s target of 2% to 2.5%.

Current-account data for the third quarter will also be released, while later at 10 a.m. Eastern Time, an index of sentiment among home builders is expected to rise to 56 in December from 54 in November, according to economists surveyed by MarketWatch. Read a preview of all t

Tuesday also marks the start of the two-day Fed meeting. A Wall Street Journal poll of economists found about one-quarter expect a taper on Wednesday, while a Bloomberg poll found 34% of economists surveyed earlier this month expect a tapering will start with the conclusion of that meeting.

While the inflation and housing data will be watched for any signs of an overheating economy, analysts at Monex Capital said traders are eager to get the Fed meeting out of the way so that they can focus on preparing for the year end.

However, “the fact we’re continuing with these extraordinary interventions in the market means there will be no real surprise if the concept of a Santa rally passes us by this year,” said the analysts in a note. http://www.marketwatch.com/story/wall-street-...atest_news