Tuesday December 29th

29-12-2015

Dow futures jump 100 points; oil recovery eyed

U.S. stock index futures indicated a higher open on Tuesday as oil prices recovered slightly from a sharp decline Monday. In oil markets, both WTI and Brent gained more than 1 percent to above $37 a barrel as of 8:31 a.m., ET. U.S. crude held a slight premium to the internationally traded Brent. Dow futures gained more than 100 points, helped by a rise in energy stocks in pre-market trade. Shares of Qualcomm gained about 1.5 percent in pre-market trade amid news the chipmaker entered new license agreements with two Chinese firms. On the data front, Tuesday will see S&P/Case-Shiller home prices released at 9:00 a.m. ET, while consumer confidence is scheduled for release at 10:00 a.m. In Asia, the Shanghai Composite closed 0.85 percent higher, while Japan's Nikkei finished 0.58 percent higher. In Europe, the pan-European Stoxx 600 index was around 0.76 percent higher on Tuesday. Gold edged up on Tuesday in response to more stable oil prices, but the metal is heading for its third consecutive year of losses on prospects of rising U.S. interest rates. Gold is likely to end 2015 down nearly 10 percent, mostly due to expectations that higher U.S. interest rates will hit demand for the non-interest-paying metal. Spot gold rose 0.18 percent to $1,070.60 an ounce, after losing 0.6 percent in the previous session. Volumes were thin in the last trading week of the year.