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U.S. service sector activity is expected to have
grown at a steady clip in April, but an expected widening of the
nation's trade deficit in March on the back of a stronger dollar
would serve as a reminder of the headwinds still facing the
economy.
The services gauge data is expected at 10 a.m. EDT and trade
numbers at 8:30 a.m. EDT.
The latest batch of economic data comes a day after Chicago Fed
President Charles Evans said rate hikes could begin this year
without harming the recovery.
Wall Street ended higher on Monday as corporate earnings came in
better than feared.
Of the S&P companies that have reported results so far, 68.1
percent have reported earnings above analysts' estimates, above
the 63 percent that typically beat in a quarter. However, only
44.4 percent have beaten on revenue, below the typical 61
percent.
Dow component Disney inched up 0.6 percent to $11.70 in
premarket trading ahead of its results. News Corp and Groupon
are scheduled to report after the close.
Netflix was up 2.6 percent at $569.50 after BofA Merrill Lynch
upgraded the stock to "buy", according to Theflyonthewall.com.
AcelRx Pharmaceuticals slumped 28.6 percent to $3 after the FDA
rejected a meeting request to discuss the need for additional
trial of its pain drug device.
Futures snapshot at 7:10 a.m. EDT
S&P 500 e-minis were down 3.75 points, or 0.18 percent, with
84,725 contracts traded.
Nasdaq 100 e-minis were down 10.25 points, or 0.23
percent, in volume of 15,547 contracts.
Dow e-minis were down 22 points, or 0.12 percent, with 18,341
contracts changing hands.
(Reporting by Tanya Agrawal; Editing by Savio D'Souza)
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