(Fixes typo in headline)
* Consumer sentiment, new home sales data on tap
* Tech stocks in focus after Micron, Red Hat earnings
* Futures up: S&P 4.2 pts, Dow 26 pts, Nasdaq 5.5 pts
* For up-to-the-minute market news, click STXNEWS/US
(Updates prices, adds quote)
By Ryan Vlastelica
NEW YORK, Dec 23 (Reuters) - U.S. stock index futures rose
on Wednesday, a day after chipmaker Micron Technology swung to
a quarterly profit and as investors awaited data expected to
show an improvement in consumer sentiment.
On the last full trading day before the Christmas holiday,
investors will also watch for new home sales data for November,
a day after equities rallied on data showing U.S. existing home
sales rose at the fastest pace since February 2007.
Investors expect a reading of 73.5 in the
Reuters/University of Michigan Surveys of Consumer Sentiment
index for December, according to a Reuters poll, up from the
November reading of 67.4. New home sales, personal income and
consumption data for November are also on tap.
"You should see the recovery continuing to emerge in the
data today, and investors will continue to respond positively
to that," said Rick Meckler, president of LibertyView Capital
Management in New York.
"Also, the volume today will be light enough so that any
upside surprise in the data could lead to continued spurts
forwards in the market."
S&P 500 futures <SPc1> rose 4.2 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> gained 26
points, and Nasdaq 100 futures <NDc1> added 5.5 points.
Technology issues will be on the radar screen after Micron
Technology Inc <MU.N> posted its first quarterly profit in
nearly three years late Tuesday as sales rose more than
expected. Also, Red Hat Inc <RHT.N> was the latest business
software company to post higher-than-expected quarterly profit.
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February crude futures were up 0.3 percent at $74.64 per
barrel after data showed a sharp drawdown in U.S. crude
stockpiles. The U.S. dollar index were flat. []
Ford Motor Co <F.N> and Chinese automaker Zhejiang Geely
have worked out most big issues in the pending sale of Ford's
Volvo car unit, a source said on Wednesday, paving the way for
the biggest acquisition of a foreign automaker by a Chinese
company. Shares of Ford gained 4 cents to $9.94 in premarket
trading. []
In overseas action, European shares were broadly higher on
Wednesday, with banks and commodity stocks leading the way.
[]
The S&P 500 hit another 14-month high on Tuesday as stocks
rallied on the surge in existing home sales.
(Editing by Jeffrey Benkoe)
