By Polya Lesova
U.S. stock futures gained Tuesday, as near-term European debt worries eased somewhat and investors digested financial results from aluminum giant Alcoa Inc.
Futures on the Dow Jones Industrial Average rose 40 points to 11627 and S&P 500 futures gained 4.20 points to 1269.70. Nasdaq 100 futures advanced 7 points to 2289.50.
The Dow index fell 0.3% on Monday.
Alcoa Inc. (AA) kicked off earnings season late Monday. It swung to a fourth-quarter profit as sales rose 4%. The firm forecast growth for all its end markets this year, but said raw material costs will continue to rise.
In other earnings news, home builder Lennar Corp. (LEN) said fourth-quarter net profit fell to $32 million, or 17 cents per share, from $35.6 million, or 19 cents a share, in the same period a year ago. Analysts polled by FactSet Research had expected earnings of 6 cents a share. Shares of Lennar gained nearly 3% in thin premarket dealings.
Meanwhile, Sears Holdings Corp. (SHLD) said it expects fourth-quarter net profit will range between $3.39 and $4.12 a share, which is above current analyst expectations. The retailer also reported a decline in December same-store sales.
In the technology sector, shares of Advanced Micro Devices Inc. (AMD) slipped more than 4% in the premarket, retreating after the chip giant announced late Monday that its chief executive has resigned.
European equities posted gains Tuesday, helped by Japan's announcement that it will buy debt issued by the European Financial Stability Facility.
The news eased near-term concerns over the euro-zone debt crisis, though Portugal faces a key test Wednesday when it will hold a government bond auction.
The Stoxx Europe 600 index gained 1.1% in intraday trading and Portugal's PSI 20 advanced 1.7%.
In Asia overnight, most markets ended higher, with the Hang Seng index in Hong Kong rising 1%.
No major U.S. economic data are scheduled for release Tuesday.
In the commodity markets, oil futures gained 19 cents to $89.44 a barrel in electronic trading on Globex, while gold futures rose $8.40 to $1,382.50 an ounce.
The dollar index, which tracks the performance of the greenback against a basket of other major currencies, erased earlier gains to stand little changed at 80.912. The euro was virtually flat at $1.2948.
-By Polya Lesova; 49 69 29725517; AskNewswires@dowjones.com
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