Futures bounce back after trade report
NEW YORK (AP) — Stock futures bounced from earlier lows Tuesday after the U.S. reported record exports in June and new data was released showing that home prices are rising sharply.
The drug store CVS Caremark also edged out Wall Street expectations during its second quarter as other large U.S. companies are preparing to post earnings this week.
Dow Jones industrial futures fell 24 points to 15,530. S&P futures gave up 2.2 points to 1,700.30. Nasdaq futures gave up a quarter point to 3,135.75
A trade report from the Commerce Department hinted at an economy that is growing faster than was initially thought.
The U.S. trade deficit narrowed sharply in June to its lowest level in more than 3 ½ years, and the U.S. revised the deficit figures from May downward.
The June deficit fell 22.4 percent to $34.2 billion, the lowest since October 2009.
And home prices surged 11.9 percent in June from a year earlier, according to the real estate data provider CoreLogic.
Among the states with the biggest gains was Arizona, one of the hardest hit during the recession, which saw home prices rise 16.2 percent compared with June 2012.
President Barack Obama is heading to Arizona Tuesday where he will propose an overhaul of the nation’s mortgage finance system.
Shares of homebuilders were mixed in premarket trading.
Walt Disney reports quarterly earnings after the bell and, later this week, financial reports are due from Time Warner, Duke Energy, Dean Foods and the carmaker Tesla.