July 30, 2013- Stocks Look to Regain Momentum After Recent Declines

After yesterday's lackluster showing, Wall Street seems to have regained its momentum, as indicated by the U.S. index futures, which point to a marginally higher opening on Tuesday. Asian stocks had a mixed session, while European stocks are seeing modest strength, as investors focused on some regional positives. The domestic markets now turn their attention to a consumer confidence reading and wait with hope that the Federal Reserve decides on running its quantitative easing program until the economy is up and running on a sustainable basis. The Dow futures are rising 5 points, the S&P 500 Index futures are moving up 0.50 points and the Nasdaq 100 futures are gaining 4 points. U.S. stocks went about in a lackluster manner on Monday, as traders preferred to stay on the sidelines ahead of several key catalysts. On the economic front, the 2-day FOMC meeting is scheduled to begin, although the post-meeting policy statement would be released only on Wednesday. The S&P Case-Shiller home price index for May is due to be released at 9 am ET. The 20-city composite house price index for May is expected to rise by a seasonally adjusted 1.3 percent month-over-month, while the unadjusted index may have risen 2 percent. The annual rate of the increase in the index is expected at 12.3 percent.