U.S. Stock Futures Edge Up As Deal Hopes Remain

U.S. stock-market futures traded cautiously higher ahead of the reopening of Wall Street after the Christmas break, with focus firmly on the fiscal cliff amid news President Barack Obama is headed back to Washington early to resume talks with lawmakers.

Within data on tap, Case-Shiller home prices are due for release.

Futures for the Dow Jones Industrial Average  rose 15 points to 13,098. Those for the Standard & Poor’s 500 index  rose 2.1 points to 1,421.90.

Futures for the Nasdaq 100 index  rose 3 points to 2,651.75.

On a light day for data, the Case-Shiller home-price index for October will be released at 9 a.m. Eastern time. Other data have shown home prices on the rise due to low inventory. For September, Case-Shiller’s 20-city composite index showed a 0.3% rise in prices. Prices rose 3% over the prior 12 months.

Investors will be watching Washington closely with President Obama reportedly due to arrive early Thursday in the capital, cutting short his holiday break in Hawaii. Both sides of Congress will also resume working that day as well. If a deal is not reached, automatic tax rises and budget cuts will kick in for the New Year.

Wall Street stocks finished Monday’s session with modest losses as traders continued to fret over the unfinished business of fiscal-cliff negotiations. The Dow Jones Industrial Average  fell 51.76 points, or 0.4%, to 13,139.08.

Retailers could be in focus for Wednesday, which marks another big shopping day in the holiday season as consumers go online and into stores for bargains. Initial data released by MasterCard Advisors SpendingPulse showed retail sales for the holiday period grew at the slowest pace since 2008. Read: Will post-holiday sales make a dent in a slugglish shopping season?

European stock markets were closed for extended holidays, while Asia markets added to holiday gains. Japan shares rose as the yen hit its lowest level against the dollar and euro since 2011.

Crude prices rose and gold edged lower with the dollar slightly higher.

Marketwatch