NEW YORK —
Stock futures traded in a tight range Wednesday as investors entered the day tentative before new reports that will provide insight about the pace of recovery.
A key report on durable goods is expected to show orders rose last month, but gains were largely due to the volatile transportation sector. The Federal Reserve is set to release its beige book report, which provides a regional snapshot of the economy.
Cautious words from Fed chairman Ben Bernanke last week led to a sell-off in stocks. He called future growth “uncertain,” which worried investors who look to Bernanke for reassurances that a rebound is under way.
Investors have been trying to balance strong earnings and corporate outlooks with economic data that isn’t as rosy as forecasts being provided by company executives. Similar mixed reports led to a mostly down day in the market Tuesday.
Economic data has largely shown a recovery is slowing and growth will remain weak. June durable goods orders likely rose 1 percent after falling 0.6 percent a month earlier, according to economists polled by Thomson Reuters. However, that growth is likely tied to large new orders for Boeing aircraft.
Transportation orders can often skew the report. Excluding them, orders likely rose just 0.3 percent last month after rising 1.6 percent in May. That slowdown fits in with other data in recent weeks that have shown the pace of recovery in the manufacturing sector has eased.
The Commerce Department report is due out at 8:30 a.m. EDT.
Ahead of the opening bell, Dow Jones industrial average futures fell 5, or 0.1 percent, to 10,489. Standard & Poor’s 500 index futures rose 0.10, or less than 0.1 percent, to 1,111.00, while Nasdaq 100 index futures fell 1.50, or 0.1 percent, to 1,885.00.
The Dow will try to climb for the fifth straight day Wednesday. It eked out a 12 point advance Tuesday thanks to strong earnings from chemical maker DuPont Co., a component of the index. Broader indicators all dipped after another disappointing report showed consumer confidence is weakening.
Meanwhile, bond prices rose slightly Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.04 percent from 3.05 percent late Tuesday.
Overseas, Britain’s FTSE 100 fell 0.4 percent, Germany’s DAX index dropped 0.5 percent, and France’s CAC-40 rose 0.3 percent. Japan’s Nikkei stock average jumped 2.7 percent.
Business
Stock futures trading in tight range ahead of open
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