US Stock Futures Register Soft Gains

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US Stock Futures Register Soft Gains

US stock futures were heading for soft gains on Wednesday, as the S&P 500 was poised to stay above 2,000 one day after it ended above the record mark for the first time.

With no significant economic news coming up, investors watched results from Tiffany & Co. and Express Inc.

The Dow Jones Industrial Average added 15 points, or 0.1% to 17,112, while the Standard & Poor’s Index increased 1.1 point or 0.1% to 1999.70. Nasdaq 100 gauge added 3.25 points or 0.1 to 4,075.50.

The gains were posted after futures enjoyed modest gains on Tuesday, when a higher-than-expected consumer index boosted stock benchmarks.

“U.S. markets remain undaunted by the dizzying highs they’re currently standing at and futures are suggesting there’s more gains to be seen at the open. Ahead of the open we’re calling the Dow up 20 at 17,127 and the S&P up 2 at 2,002,”analyst Joao Monteiro of Valutrades is quoted by MarketWatch as saying.

Tiffany & Co. is expected to release earnings results today showing a profit of 85 cents for every share on revenue of $987.5 million. The stock went up 1.6% before the report before the bell.

Also in premarket trade, Express Inc. is poised to break even on a revenue of $457.7 million for the past quarter, according to estimates by analysts surveyed by FactSet. Michaels Cos. Inc. is expected to post a per-share profit of 8 cents on revenue of $ 949.2 million.

MannKind gained 1.5% to $7.45, Bloomberg reported. Jefferies began covering the firm with a buy rating and forecasted a 12-month share price of $10, projecting that its diabetes drug Afrezza may hit peak sales of $3.2 billion.

European stocks were little changed, after ending at the highest level in August on Tuesday. Most Asian shares soared, although the Hang Seng Index declined 0.6%.

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To contact the reporter of this story; Jonathan Millet at john@forexminute.com