Futures edge up as investors await data

March 28, 2016 09:26 AM

U.S. stock index futures were slightly higher on Monday as investors awaited data that may feed into the Federal Reserve's plans to raise interest rates this year.

* The dollar inched up and Asian stocks dipped as cautious investors backed off from taking on risk. European markets were closed for the Easter Monday holiday.

* The Fed remains dependent on data to bolster its case for multiple rate hikes this year, even as central banks around the world consider more stimulus measures to kick-start growth.

* Data on Friday showed U.S. economic growth slowed in the fourth quarter, but not as sharply as previously estimated, fueling speculation that a rate hike could come sooner than expected.

* A report by the Commerce Department on Monday is expected to show consumer spending rose 0.1% in February after having risen 0.5% in the previous month. The report is due at 8:30 a.m. ET. 

* U.S. stocks closed lower on Thursday, snapping a five-week winning streak as a strengthening dollar weighed on commodity-related shares.

* The S&P 500 and the Dow are back in the red for 2016, after staging a sharp recovery from a steep selloff at the beginning of the year.

* Shares of Gamestop were down 7.2% at $28.10 premarket, after the company on Thursday forecast quarterly revenue below estimates.

* Acadia Pharmaceuticals jumped 16.4% to $23.64 after U.S. FDA staff said the company's drug to treat psychosis associated with Parkinson's disease was an effective treatment for the condition.

Futures snapshot at 6:53 a.m. ET:

* Dow e-minis were up 42 points, or 0.24%, with 8,705 contracts changing hands.

* S&P 500 e-minis were up 5.75 points, or 0.28%, with 45,616 contracts traded.

* Nasdaq 100 e-minis were up 13.75 points, or 0.31%, on volume of 7,330 contracts.

About the Author

Abhiram Nandakumar, Reuters