U.S. futures rise on EU optimism; Dow Jones up 0.22%

Forexpros - U.S. stock futures pointed to a higher open on Tuesday, as fresh hopes for progress in tackling the euro zone’s debt crisis boosted market sentiment, while investors eyed U.S. data later in the week for further indications on the strength of the country’s economic recovery.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.22% gain, S&P 500 futures signaled a 0.23% increase, while the Nasdaq 100 futures indicated a 0.26% rise.
The U.K.’s Telegraph newspaper said earlier that it could confirm weekend reports that the European Central Bank may set a cap on peripheral euro zone bond yields at its next policy meeting in September.
On Monday, the ECB dismissed the reports, saying it was “misleading” to report on decisions which have not yet been taken.
Speculation over the possibility of ECB intervention saw Spanish borrowing costs fall at an auction of short-term government debt, with Madrid successful auctioning EUR4.5 billion of bills, the top end of the target range.
Market participants were also anticipating the minutes of the Federal Reserve’s August policy meeting later in the week, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
Facebook was likely to be in focus, after a regulatory filing showed that director Peter Thiel sold roughly USD400 million worth of shares in the Internet social networking company last week, cashing out most of his stake. Facebook shares edged down 0.15% in pre-market trade.
The tech sector was also expected to be active, after Apple became the most highly valued public company ever when its stock reached USD665.15 on Monday, giving the company a market value of USD623.52 billion.
Separately, chief executives of Apple and Samsung Electronics reportedly failed to settle their patent dispute, placing the final decision in the hands of a jury.
In the financial sector, Citigroup chief executive Vikram Pandit was said to have rejected the idea of big banks being split up, sending the U.S. lender’s shares up 0.40% in early trading.
Elsewhere, retailers were expected to move, after Nike announced a set of new rules for the sector, prompted by unruly crowds outside stores selling its shoes, according to the Wall Street Journal.
Meanwhile, electronics retailer Best Buy was slated to report earnings later in the day, after shares fell on Monday due to reports that founder Richard Schulze had rejected an offer from the board to conduct due diligence in his attempt to take the company private at a valuation of more than USD8 billion.
Best Buy also named Hubert Joly as its new chief executive on Monday. Shares in the company were up 1.27% in after-hour trade.
Other stocks in focus included Barnes & Noble, Medtronic and Dell, all expected to issue earnings later Tuesday.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 climbed 0.62%, France’s CAC 40 advanced 0.67%, Germany's DAX rose 0.47%, while Britain's FTSE 100 added 0.34%.
During the Asian trading session, Hong Kong's Hang Seng Index dipped 0.02%, while Japan’s Nikkei 225 Index added 0.16%.
Trade looked likely to remain subdued on Tuesday, with no significant economic data releases on the calendar, while volumes were light with many market participants on summer holidays.