April 16, 2013-Stocks Look to Confirm Trend Support

Wall Street is staying on track to see a reversal in sentiment after the backlash suffered yesterday due to weak economic data. The major U.S. index futures are pointing to a higher opening on Tuesday. Asian stocks closed mixed, while the European markets are extending their weak run despite a fairly good debt auction by Spain. The housing starts and industrial output data due before the markets open may set the tempo for today's session, while earnings remain in the spotlight, as Coca-Cola (KO), Goldman Sachs (GS) and Johnson & Johnson (JNJ) among other companies prepare to release their quarterly results. The Dow futures are moving up 71 points, while the S&P 500 futures are adding 8.70 points and the Nasdaq 100 futures are gaining 17.25 points. U.S. stocks retreated sharply on Monday, as economic concerns drove traders into profit taking. On the economic front, the Labor Department is scheduled to release its consumer price inflation report for March at 8:30 am ET. Economists expect consumer prices to have remained flat compared to the previous month in March, while core consumer prices may have risen 0.2 percent.