futures tick up, S&P on track to extend record
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[May 28, 2014]
NEW YORK (Reuters) - U.S. stock index futures
edged up on Wednesday, with technicals in focus and
scant key items on the U.S. economic calendar, following
yet another record close on the benchmark S&P 500 index.
Investors' appetite for equities continued on the back of strong
U.S. economic data and expectations of monetary easing by the
European Central Bank, while the euro was seen weakening further
from a 2-1/2 year high hit earlier this month and the U.S. 10-year
yield hovered near its lowest since October.
The S&P 500 was poised for a fifth straight day of gains, which
would be its second-longest run this year. The index closed at
1,911.91, near the 1,910 area seen as technical resistance. Support
kicks in at 1,900 and then at the 14-day moving average, now near
Upbeat earnings from Toll Brothers could push homebuilders higher
while retailers Michael Kors and DSW told diverging stories about
S&P 500 e-mini futures <ESc1> rose 3 points and fair value, a
formula that evaluates pricing by taking into account interest
rates, dividends and time to expiration on the contract, indicating
a higher open. Dow Jones industrial average e-mini futures <YMc1>
rose 25 points and Nasdaq 100 e-mini futures <NQc1> added 5 points.
Toll Brothers <TOL.N> shares added 3.3 percent in premarket trading
after the largest U.S. luxury homebuilder said quarterly profit more
than doubled as it sold more homes at higher prices.
Michael Kors Holdings <KORS.N> reported a 59 percent jump in
quarterly profit as sales of its handbags and watches surged in
North America. Shares were up 3 percent in trading before the bell.
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Footwear retailer DSW <DSW.N> tumbled 15 percent in premarket
trading after reporting a drop in sales.
Workday Inc's <WDAY.N> shares rose 5.7 percent in premarket trading
a day after posting first-quarter revenue that jumped 74 percent on
strong subscription growth for its web-based human resources
(Reporting by Rodrigo Campos; Editing by Bernadette Baum)
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