Stocks point higher ahead of data on home construction, inflation, industrial production

Stock futures point higher ahead of economic data

NEW YORK — Investors remain cautious as they await reports on housing and inflation a day after a stock market slide.

Stock futures are moderately higher Tuesday after major market indexes fell sharply Monday. Investors have been worrying that a three-month rally would lose momentum. Traders are also concerned that a recovery in the U.S. economy might not be as speedy as many on Wall Street had been hoping.

Overseas, European stock markets edged up by afternoon there after Asian markets tumbled.

A slew of U.S. economic data due ahead of the opening bell could reshape sentiment. A government report is expected to show that new home construction rose in May from a record low a month earlier and that building permits increased slightly.

The Labor Department is also expected to release data on wholesale inflation. The Producer Price Index for May and the housing figures are due at 8:30 a.m. Eastern.

The Federal Reserve is expected to report on industrial production for May at 9:15 a.m.

Ahead of the numbers, Dow Jones industrial average futures rose 22, or 0.3 percent, to 8,641. Standard & Poor’s 500 index futures rose 1.40, or 0.2 percent, to 920.80, while Nasdaq 100 index futures rose 6.25, or 0.4 percent, to 1,463.50.

On Monday, the Dow tumbled 187 points, or 2.1 percent, putting it back into the red for the year. Last week, the blue chips was up on the year for the first time since January.

The dollar fell against other major currencies after jumping Monday. Gold prices rose.

The ease in the dollar helped push oil prices higher. Light, sweet crude rose $1.58 to $72.20 per barrel in electronic trading on the New York Mercantile Exchange.

The dollar’s slide came after the Kremlin’s top economic adviser said Russia may put part of its currency reserves in bonds issued by Brazil, China and India. Arkady Dvorkovich said Russia could make the move if the other three nations reciprocate. Brazil, Russia, India and China are the members of the BRIC group of leading emerging economies.

The move could weaken demand for the dollar.

Bond prices mostly fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.75 percent from 3.72 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.16 percent from 0.15 percent Monday.

Overseas, Japan’s Nikkei stock average slid 2.9 percent. In afternoon trading, Britain’s FTSE 100 rose 0.7 percent, Germany’s DAX index rose 0.5 percent, and France’s CAC-40 rose 0.6 percent.