U.S. Stock Futures Advance as Apple Begins IPhone 5 Sales
U.S. stock futures rose, indicating the Standard & Poor’s 500 Index will trim a decline for the week, as Apple (AAPL) Inc. started selling the iPhone 5 and a report said European officials will unveil a bailout plan for Spain.
Apple rose 0.7 percent. Google Inc. (GOOG) and Amazon.com Inc. each advanced more than 0.5 percent after Deutsche Bank AG recommended buying the shares of the technology companies. Research In Motion Ltd. (RIM) fell 2.2 percent as its BlackBerry service suffered disruptions in Europe.
Standard & Poor’s 500 Index futures expiring in December increased 0.4 percent to 1,459.2 at 8:56 a.m. in New York. Dow Jones Industrial Average futures gained 55 points, or 0.4 percent, to 13,570.
“The market has generally been following the overseas markets,” said David Katz, who oversees $850 million as chief investment officer at New York-based Matrix Asset Advisors Inc. “Europe was a little bit stronger today. The Apple phone coming out today is obviously exceptionally well known and pre-orders and lines have been in the news, so it shouldn’t have any major impact on the markets.”