U.S. stock futures traded higher before the open, despite Moody’s downgrade of Greece’s debt and Fitch’s downgrade of BP’s debt.
Among economic reports, import prices for May fell 0.6% month-over-month. A 1.2% decline had been widely expected. Prices in the prior month were revised upward from a 0.9% increase to 1.1% increase. Export prices rose 0.7% after rising 1.2% in the previous month. The report suggests inflation remains tame. Separately, the Empire State Manufacturing Survey for June came in at 19.6, which is only slightly below the 20.0 that was anticipated. A reading of 19.1 had been registered in the prior month and the overall trend continues to reflect expansion.
At 9:00 am ET, the Treasury releases the Treasury international capital data, which measures the movement of overseas investment dollars in and out of the United States. And at 1:00 pm ET, the National Association of Home Builders releases it monthly sentiment survey, which is expected to remain steady.
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