US futures up; businesses ramp up orders for goods
NEW YORK (AP) — Volatile trading on Wall Street continued Tuesday as stock futures recovered from a big sell-off at the start of the week.
Dow Jones industrial futures rose 79 points to 14,667. The broader S&P futures added 10.6 points to 1,576.80. Nasdaq futures rose 20.5 points to 2,864.50.
Tuesday also offered markets the week’s first economic indicators.
Businesses ramped up orders for long-lasting manufactured goods, according to the Commerce Department.
Orders for durable goods increased 3.6 percent last month, matching April’s gain, but it was also much stronger than most economists had expected.
It is the first time since late 2011 that orders have risen for three consecutive months.
Orders for such goods are considered a proxy for investment plans and business confidence.
Economists expect the Conference Board’s consumer confidence index for June, to be released Tuesday, will decline after reaching its highest point in five years in May.
The Commerce Department releases its new homes sales report for May as well. Economists expect that sales may have risen at their fastest clip in five years.
Second-quarter earnings from Lennar Corp., the nation’s third-largest homebuilder, appeared to buttress economist predictions Tuesday.
Lennar topped Wall Street expectations and CEO Stuart Miller said that demand in all of the company’s markets continues to outpace supply.
Home deliveries climbed 39 percent to 4,464 homes, while new orders rose 27 percent to 5,705 homes
Shares of homebuilders, led by Lennar, rose sharply in premarket trading.