US stock index futures point higher amid data

U.S. stock-index futures rose, signaling the Standard & Poor’s 500 Index will rebound from yesterday’s deepest drop in two months, before economic reports on housing and consumer confidence.

Futures on the S&P 500 expiring in September added 0.3% to 1,660 at 6:24 a.m. in New York. Contracts on the Dow Jones Industrial Average climbed 17 points, or 0.1%, to 15,087 today. The S&P 500 lost 1.4% yesterday as forecasts from Cisco Systems Inc. and Wal-Mart Stores Inc. disappointed while improving economic data boosted concern the Federal Reserve will reduce stimulus.

“Yesterday’s move doesnt change things for us,” Mourtaza Asad-Syed, who helps oversee $113 billion as head of strategy at Societe General Wealth Management in Lausanne, Switzerland, said in a phone interview for Bloomberg. His team holds more U.S. stocks than are represented in asset-allocation models. “Of course the market has been extended in terms of sentiment and expectations, and of course there are corrections and pullbacks. We are pro risk assets, and volatility is part of the game.”

In corporate news, Applied Materials sank 2.9% to $14.89. Revenue in the fiscal fourth quarter will be unchanged from $1.98 billion in the third quarter, the company said late yesterday in a statement. Analysts had projected sales of $2.06 billion for the third quarter and $2.14 billion for the fourth, according to data compiled by Bloomberg. The largest supplier of chip-making equipment also promoted Gary Dickerson to chief executive officer, replacing Mike Splinter, who will remain chairman.

Nordstrom Inc. may move. The Seattle-based fashion retailer cut its annual earnings forecast late yesterday to $3.60 to $3.70 per share from its May prediction of $3.65 to $3.80. That compares with analysts’ estimate of $3.78.

Aspen Technology Inc. may also be active. The supplier of software products reported fourth-quarter revenue of $83.3 million, topping the median analyst forecast of $78.8 million.

Bloomberg analysts expect US economic data which due today to be positive showing that housing starts rose to a 900,000 annualized rate in July and University of Michigan preliminary index climbed to 85.2 from 85.1 in July.