Futures Higher as S&P 500 On Track to Hit 2,000; New Home Sales, Dallas Fed Manufacturing Still Ahead
U.S. stock futures were pointing higher, with the S&P 500 on track to hit 2,000, as M&A news helped lift market sentiment. Both Burger King ( BKW ) and Canada's Tim Hortons (THI, THI.TO) were higher after announcing their plans for a possible merger of their businesses; InterMune ( ITMN ) was also climbing in pre-market trading following its deal to be bought by Roche.
In economic data, new home sales for July will be released at 10 am ET, and are expected to increase to a 430,000 (consensus range 415,000 to 455,000) unit pace from a 406,000 unit pace in June. The Dallas Fed manufacturing survey will be reported at 10:30 am ET.
European stocks were also ticking higher, encouraged by comments by European Central Bank President Mario Draghi during last week's conference at Jackson Hole, Wyo. Draghi had suggested that further stimulus could be given to the region.
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