US stock index futures rose amid new home construction data

U.S. stock-index futures remained almost unchanged as investors focused on the only US data release today – a report that may show orders for durable goods decreased last month.

Futures on the Standard & Poor’s 500 Index expiring in September declined 0.1 percent to 1,660.1 at 11:09 a.m. in London. Contracts on the Dow Jones Industrial Average lost 16 points, or 0.1%, to 14,974 today. Stocks rebounded last week from two weeks of losses as investors watched the Federal Reserve for signals on stimulus cuts after data showed home sales declined. The benchmark has still lost 2.7% since Aug. 2 on fear the central bank will taper bond purchases.

“We still have the concern about tapering and timing of the tapering, which has provided some headwinds,” said Valentijn van Nieuwenhuijzen, who helps oversee $230 billion at ING Investment Management in The Hague, in a phone interview for Bloomberg today. “But underlying, there is a shift going on with a stronger sign of a global recovery.”

A report from the Commerce Department at 8:30 a.m. in Washington will show orders for durable goods declined 4% in July, according to survey of economists led by Bloomberg.

In corporate news, Onyx Pharmaceuticals Inc. added 7% in Europe after Amgen Inc. agreed to acquire the cancer-treatment developer in a $10.4 billion transaction. Amgen also jumped 4.2% in pre-market action.

Tyson Foods Inc., the largest U.S. meat processor, fell 2.3% after Bank of America Corp. analysts cut their rating on the stock. Ryan Oksenhendler and Bryan Spillane at Bank of America’s Merrill Lynch unit cut the shares to “neutral”, similar to a “hold” rating, from “buy”, after a 62% rally this year.

On a more downbeat note, Microsoft Corp. slumped 0.4% pre-market, paring back after closing with a 7.3% jump on Friday on news Chief Executive Steve Ballmer plans to retire within the next 12 months once his successor has been identified.

In other financial markets, Asian stocks closed mostly higher, while European indexes traded with losses. Dollar was fluctuating between small gains and losses.