* Jobless claims, spending data signal improvement
* Tiffany climbs after results, outlook drags Deere
* Futures up: Dow 67 pts, S&P 8.7, Nasdaq 15.25
* For up-to-the-minute market news see [STXNEWS/US]
By Chuck Mikolajczak
NEW YORK, Nov 24 (Reuters) - U.S. stocks were set for a higher open on Wednesday after data on the labor market and consumer spending pointed to an improving economy.
U.S. consumer spending rose for a fourth straight month in October and a key inflation gauge was at a record low, while new jobless claims fell more than expected, the government reported. For details, see [ID:nN23158923] and [ID:nN24211087]
“You look at today’s numbers and the number that just jumps off the page is the weekly claims,” said Phil Orlando, chief equity market strategist at Federated Investors in New York.
“That tells me the economy is healing and the labor market is improving.”
Also, new orders for long-lasting U.S. manufactured goods posted their largest decline in nearly two years, the Commerce Department said. [ID:nN23158716]
S&P 500 futures SPc1 gained 8.7 points and were above 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 DJc1 rose 67 points, and Nasdaq 100 futures NDc1 climbed 15.25 points.
At 9:55 a.m. EST [1455 GMT], the Thomson Reuters/University of Michigan final November consumer sentiment index is due. New home sales for October are to be reported at 10 a.m. EST [1500 GMT].
Trading volume is expected to be light ahead of the Thanksgiving Day holiday on Thursday.
Oracle Corp ORCL.O was up 1.5 percent to $27.60 in premarket trade after Germany’s SAP AG (SAPG.DE) was ordered to pay Oracle $1.3 billion for software theft. [ID:nN23163510]
Upscale jeweler Tiffany & Co (TIF.N) posted third-quarter profit and sales that handily beat estimates and said it expects strong holiday sales. Its shares were up 4 percent to $60.60. [ID:nN22278067]
Deere & Co (DE.N) dipped 1.5 percent to $75.20 premarket after the world’s largest maker of farm equipment after it reported stronger-than-expected quarterly profit but issued a cautious preliminary forecast that fell short of estimates. [ID:nN24201643] (Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)