* Consumer, home prices, manufacturing data on tap
* Shorter week, window dressing may add to volatility
* Futures: S&P up 1.50 pts, Dow up 12, Nasdaq up 1.25
* For up-to-the-minute market news click []
(Updates to early morning, adds byline)
By Edward Krudy
NEW YORK, June 30 (Reuters) - U.S. stock futures were flat
on Tuesday ahead of a batch of new data that may give investors
insight into the state of the recession-hit economy on the last
day of the second quarter.
The data includes the Standard & Poor's/Case-Schiller home
price indexes, the Chicago PMI index of manufacturing in the
Midwest, the Conference Board's U.S. consumer confidence index,
and Goldman Sachs/ICSC chain store sales.
On this last day of the quarter, fund managers often
enhance portfolios as part of "window dressing" by selling
losing stocks and scooping up the winners. The process can add
to volatility.
"These data are going to be closely looked at to confirm
the relatively recent optimism that economically we're getting
back on track, and investors are anticipating the numbers will
be market friendly and have a positive net affect," said Andre
Bakhos, president of Princeton Financial Group in Princeton,
New Jersey.
"Given it's the last day of the month and the quarter,
there may be heightened window dressing in play as investors
are putting the first half of the year behind them, and that is
another dimension that could create additional volatility"
Bakhos noted the shortened week could lead to thinner
volumes and increased volatility. U.S. markets will be shut for
the U.S. Independence Day holiday on Friday.
S&P 500 futures <SPc1> rose 1.50 points and were below 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> gained 12
points, and Nasdaq 100 <NDc1> futures added 1.25 points.
The S&P 500 is up 16.2 percent so far this quarter, putting
it on track for its best period since the fourth quarter of
1998, when the index jumped nearly 21 percent. The S&P 500 has
gained 37 percent since hitting a 12-year closing low in early
March as early signs of an economic rebound surfaced.
In broker news, Barclays raised FedEx Corp <FDX.N> shares
to "overweight" from "equal-weight." The package delivery giant
is widely seen as a window onto the economy as it services a
wide range of sectors and is expected to benefit early in an
economic upturn.
A slew of new data starts with the International Council of
Shopping Centers and Goldman Sachs releasing chain store sales
data at 7:45 a.m. EDT (1145 GMT).
This is followed at 8:55 a.m.(1255 GMT) by the Redbook
weekly U.S. retail sales figures for June versus May will be
released. In the prior period, sales fell 4.4 percent.
Standard & Poor's releases its S&P/Case-Shiller Home Price
Indexes for April at 9:00 a.m. (1300 GMT). Economists expect a
fall of 1.8 percent versus a 2.2 percent decrease in the
previous month, according to a Reuters survey.
After the open, the Institute of Supply Management-Chicago
releases June index of manufacturing activity at 9:45 a.m.
(1345 GMT). Economists, polled by Reuters, forecast a reading
of 39.0 in the month compared with 34.9 in May.
Finally, at 10:00 a.m. (1400 GMT) the Conference Board
releases June consumer confidence. Economists, surveyed by
Reuters, expect a reading of 55.0 compared with 54.9 in May.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)
