Stocks futures pause after gains, Fed speakers on tap

By Angela Moon

NEW YORK (Reuters) - Stock futures were little changed on Tuesday as the market paused from gains, but trading was expected to be volatile as several Federal Reserve speakers due to speak may provide clues on how long the Fed intends to maintain stimulus efforts.

Intraday swings have increased in the past week as concerns rose about the likelihood of the Fed's reducing sooner than expected its bond-buying to aid the economy.

Many investors are also likely to hold off big bets until the non-farm payrolls report due on Friday shows the employment situation, the key factor for the Fed's decision on monetary policy. The market will also focus on the Fed's Beige Book of economic conditions due on Wednesday.

"There is not much to drive direction this morning as we come off a good, solid recovery performance yesterday, coming off that key 1,625 level on the S&P 500," said Andre Bakhos, director of market analytics at Lek Securities in New York.

"It's a bit of a pause now but that could easily change on whatever theme that comes up."

Tuesday's Fed speakers include Fed Governor Sarah Bloom Raskin, Kansas City Federal Reserve Bank President Esther George and Dallas Federal Reserve Bank President Richard Fisher.

If the Dow ends higher Tuesday, it will be the 21st Tuesday for the Dow to gain, the longest winning streak for any day of the week since 1900.

S&P 500 futures were flat and in line with 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 fell 6 points while Nasdaq 100 futures added 3.5 points.

European stocks were slightly higher in thin trading. One London-based trader cited buying by funds around midday, marking their performance against benchmarks as driving the move.

Overnight, Japan's Nikkei share average climbed more than 2 percent to mark its biggest one-day rise in three weeks on Tuesday, as investors scooped up battered stocks such as financials, which had fallen from recent peaks into bear market territory.

Wall Street stocks rallied late on Monday, after disappointing factory data and comments from Federal Reserve Bank of Atlanta President Dennis Lockhart, who told Bloomberg Television that the central bank is committed to its record stimulus program.

U.S. international trade data is due at 8:30 a.m. (1230 GMT)

In corporate news, shares of Zynga Inc rose 1 percent in premarket trade, a day after the online gaming company announced its biggest ever round of layoffs and warned of weak bookings for the current quarter.

U.S. regulators proposed designating American International Group Inc , Prudential Financial Inc and GE Capital for heightened regulatory oversight in a long-anticipated move aimed at cracking down on risks to markets.

FedEx Corp said on Monday it will permanently retire or will hasten the retirement of 86 aircraft and more than 300 engines as the package delivery company modernizes its fleet.

(Reporting by Angela Moon; Editing by Kenneth Barry)

Source: http://news.yahoo.com/stocks-futures-pause-gains-fed-speakers-tap-121219839.html

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