US STOCKS-Futures tick lower as traders scramble for catalysts

Tue Nov 19, 2013 8:04am EST

* Home Depot shares rise as housing recovery boosts results

* Best Buy swings to a profit, shares fall on margin concerns

* Trina Solar posts profit after string of losses, shares jump

* Futures: Dow off 4 pts, S&P off 3 pts, Nasdaq down 4 pts

NEW YORK, Nov 19 (Reuters) - U.S. stock index futures edged lower on Tuesday after the Dow and S&P 500 hit record highs the previous session, with a few earnings reports expected to dominate trading amid a lack of broad market catalysts.

* Major indexes continue to face resistance at key levels after the Dow traded above 16,000 and the S&P topped 1,800, levels that both were unable to hold at Monday's close.

* Markets are seen trading in a tight range as technical resistance and the lack of bullish news is offset by the continued support to equities from the Federal Reserve's economic stimulus.

* There are no major economic indicators due Tuesday. Chicago Fed President Charles Evans speaks on current economic conditions and monetary policy in Chicago at 2:15 p.m. EDT (1915 GMT) and Fed Chairman Ben Bernanke speaks on "Communication and Monetary Policy" in Washington D.C. at 7 p.m. (0000 GMT).

* A recovery in the U.S. housing market helped Home Depot top profit and sales estimates for the third quarter, prompting the No. 1 home improvement chain to raise its fiscal-year outlook for the third time this year. Shares gained 3.1 percent in premarket trading.

* S&P 500 futures fell 3 points and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 4 points and Nasdaq 100 futures lost 4 points.

* Best Buy reported a quarterly profit, reversing a year-ago loss, boosted by tight cost controls. The stock fell 5.7 percent, however, on concern over pressure on margins during the holiday season.

* Trina Solar Ltd posted a profit after eight straight quarters of losses as solar panel prices held steady after a four-year decline and the company cut manufacturing costs, sending its shares up 11.6 percent in premarket trading.

* Tesla Motors shares fell 3.4 percent premarket after the U.S. traffic safety regulator said it will examine potential risks associated with incidents in which Model S cars have caught fire. The stock was down 24 percent this month to Monday's close.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.