"The biggest overhang has really been the sovereign debt
issue that's been plaguing markets for the better part of two
weeks," said Arthur Hogan, chief market analyst at Jefferies &
Co in Boston.
"I think the biggest driver in this market is the hope we
get some sort of resolution in Greece."
The rescue talk also lifted commodity prices, which could
lend support to materials shares. The price of oil recovered
early losses to rise to near $73 a barrel.
Among the morning's earnings, Coca-Cola Co <KO.N> reported
a profit in line with analysts' estimates as strong volume in
Latin America and other parts of the world offset a decline in
North America. [ID:nN09135554]
S&P 500 futures <SPc1> rose 10.3 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> were up
75 points and Nasdaq 100 futures <NDc1> gained 16.25 points.
On the economic front, investors will watch December
wholesale trade data due at 10:00 a.m. (1500 GMT). Inventories
are expected to have increased half a percentage point, after
jumping 1.5 percent in November, the fastest rate in over five
years. Rising inventories suggest businesses are preparing for
a healthier economy.
On the downside, shares of Electronic Arts Inc <ERTS.O>
fell about 7 percent in premarket trade after the company
warned fiscal 2011 earnings would miss expectations.
[ID:nN05170474]
The Dow closed on Monday below 10,000 for the first time
since November, as investors sold bank shares on concerns over
the euro zone debt troubles.
The benchmark S&P 500 is off 8.1 percent from its 15-month
closing peak of Jan. 19, but still up 56.2 percent from its
March 2009 bottom.
Boeing Co <BA.N> could see interest after it flew its
twice-delayed 747-8 freighter for the first time on Monday, a
significant milestone in the long history of the 747 family.
The shares gained 1 percent in premarket trade to $58.43.
[ID:nN08207075]
(Editing by Padraic Cassidy)