MARKET SNAPSHOT: U.S. Stock Futures Point To Fresh Record Highs For Wall Street

By Carla Mozee, MarketWatch

U.S. stocks look set to build on record highs Tuesday, as investors wait for earnings from Wal-Mart Stores Inc. for insight on consumer spending and for data on the health of the housing market.

Futures of the Dow Jones Industrial Average (YMM5) rose 53 points, or 0.3%, to 18,311, and those for the S&P 500 (ESM5) gained 5.6 points, or 0.3%, to 2,131.50. Futures for the Nasdaq 100 (NQM5) were up 16.5 points, or 0.4%, to 4,523.75.

On Monday, the S&P 500 Index (SPX) and the Dow Jones Industrial Average (DJI) closed at all-time highs (http://www.marketwatch.com/story/us-stocks-slow-start-seen-for-wall-street-but-strategists-upbeat-on-sp-500-2015-05-18) of 2,129.20 and 18,298.88, respectively. The gains came as investors assessed dovish comments from Federal Reserve member Charles Evans. The Nasdaq Composite (RIXF) rose 30 points to 5,078.44, iust shy of a record high.

U.S. stock futures found support early Tuesday as European equities rallied. The rises came after a high-level European Central Bank official, Benoît Coeuré, said the bank will step up its buying of euro-area assets in May and June (http://www.marketwatch.com/story/euro-falls-after-ecbs-coeure-says-bank-will-front-load-qe-buying-2015-05-19) to compensate for low liquidity in the summer months.

David Madden, market analyst at IG , said he expects the Dow Jones Industrial Average to open about 50 points higher. "The comments from Benoît Coeuré of the ECB will keep the index in its upward trend," he said.

He added that the recent run of U.S. economic updates has "been a touch on the disappointing side, and there is little fear of a rate rise next month. In the meantime, the bulls are showing no indication of slowing down."

Data: At 8:30 a.m. Eastern Time, the Commerce Department is scheduled to release reports on housing starts and building permits in April. Housing starts are expected to have increased to an annual rate of 1.03 million from 926,000 in March.

Corporates: Home-improvement retailer Home Depot(HD) reported before the bell, posting a rise in first-quarter earnings and sales. It raised its sales guidance for fiscal 2015 and said it will repurchase another $3.4 billion in shares over the rest of that year.

Retailer Wal-Mart (WMT) also reports before the market open, and it is projected to report first-quarter earnings of $1.04 a share, according to a consensus survey by FactSet. It posted earnings of $1.10 a share a year earlier.

Retailer TJX Cos.(TJX) is likely to post first-quarter earnings of 66 cents a share, up from 64 cents a share a year earlier, when it reports premarket.

After the closing bell, Etsy Inc.(ETSY) will report after the bell and is expected to break even in the first quarter. The report will mark the first quarterly result announcement since the online site, which specializes in handcrafted goods, went public in April.

Take-Two Interactive Software Inc. (TTWO) shares are expected to see activity after the video-game maker reported Monday that its fiscal fourth-quarter loss widened and issued a weak outlook that missed Wall Street's expectations.

Agilent Technologies Inc. (A) may also be in focus after it reported Monday that second-quarter earnings and revenue fell.

Other markets: The euro (EURUSD) slid against the dollar after Coeuré's comments, dropping below $1.12. But the shared currency regained that level after a final reading on eurozone inflation for April was released.

Overnight in Asia, Shanghai stocks rallied 3%, their biggest gain in nearly four months, after China unveiled plans (http://www.marketwatch.com/story/china-delivers-plan-to-upgrade-manufacturing-2015-05-19) to boost the competitiveness of its manufacturing sector.

Oil futures (CLM5) were modestly lower, as were gold prices (GCM5).

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