* Bernanke expected to be cautious on economy in testimony
* Crude rises as U.S. moves warships closer to Libya
* ISM manufacturing, construction spending data on tap
* Futures up: Dow 25 pts, S&P 3 pts, Nasdaq 6 pts
* For up-to-the-minute market news see []
(Adds quote, details on Chinese data, AutoZone results)
By Ryan Vlastelica
NEW YORK, March 1 (Reuters) - U.S. stock index futures were
up but eased from earlier highs on Tuesday after crude oil
jumped and investors awaited testimony from U.S. Federal
Reserve Chairman Ben Bernanke.
Bernanke is not expected to cut short the Fed's bond buying
program. With much of the market's steep gains over the past
several months coming since the Fed announced its $600 billion
stimulus program, investors have been concerned about the
impact of ending it early.
In his testimony to the U.S. Senate Banking Committee,
Bernanke is expected to remain cautious about the economy
despite recent data pointing to improvement. For details, see
[]
"Bernanke will say the economy is improving, though slow
progress in job creation will allow the Fed to keep being
accommodative without risking material core inflation in the
short term," said Oliver Pursche, president of Gary Goldberg
Financial Services in Suffern, New York.
April U.S. crude futures added nearly 1 percent to $97.81
per barrel. The S&P had its weakest performance since November
last week on concerns that high oil prices would hamper
economic activity.
Oil has soared due to the political instability in the
Middle East. In Libya, forces loyal to leader Muammar Gaddafi
massed in the western part of the country, residents said,
while the United States moved warships and air forces closer to
the North African nation. []
S&P 500 futures <SPc1> rose 3 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> added 25
points and Nasdaq 100 futures <NDc1> rose 6 points.
February ISM manufacturing data will be released at 10 a.m.
EST [], along with January construction spending data.
The ISM number is seen rising to 61 from 60.8 in the previous
month, while construction spending is expected to show a
narrower rate of decline than in the previous month.
In the latest overseas economic data, Chinese manufacturing
growth slowed to a six-month low in February, suggesting moves
to combat inflation may be working. The data was "reassuring in
the sense that it will probably take some pressure of food and
energy inflation." said Goldberg's Pursche. []
Fresh Del Monte Produce Inc <FDP.N> reported adjusted
fourth-quarter earnings and revenue that missed expectations,
AutoZone Inc <AZO.N> also reported results early Tuesday, while
CenterPoint Energy Inc <CNP.N> are set to report quarterly
results. [] and []
General Mills Inc <GIS.N> and Nestle SA <NESN.VX> are among
the leading candidates to buy a 50 percent stake in French
yogurt maker Yoplait, Bloomberg reported, citing sources.
[]
Stocks rose for a second straight session Monday after
billionaire investor Warren Buffett, chairman of Berkshire
Hathaway Inc <BRKa.N>, said the conglomerate needed to make
"major acquisitions", a sign stocks may be cheap.
(Editing by Jeffrey Benkoe)
