Before the bell: S&P futures +6.80, Nasdaq futures +14.20
U.S. stock futures rose, indicating the Standard & Poor’s 500 Index will rebound from the lowest valuation since 2009, as speculation the Federal Reserve will act to spur the economy offset concern about the creditworthiness of banks.
Central bankers from around the world meet this week in Jackson Hole, Wyoming, for a conference that last year resulted in Bernanke signaling a second round of asset purchases that buoyed asset markets. The S&P 500 rose 28 percent between Aug. 26, 2010, and Feb. 18 after Bernanke foreshadowed a $600 billion bond-purchase program a year ago in Jackson Hole.
Purchases of new U.S. homes probably fell for a third straight month in July, pointing to lingering housing market weakness two years into the economic recovery, economists said before a report today. Sales rose to a 315,000 annual pace from a 312,000 rate in June, according to the median estimate of economists in a survey.
Williams-Sonoma' (WSM) Q2 EPS of $0.37 vs cons. $0.36. Revenue of $815M (+5.1% Y/Y) vs cons. $824M. Shares of +0.7%.