By Sara Sjolin, MarketWatch

No Fed speakers on tap before Dec. 13-14 meeting

U.S. stock futures on Tuesday were trading in the green but only modestly so, with the Dow industrials shooting for a fresh record a day after closing at an all-time high in the previous session.

With no Federal Reserve speakers on tap ahead of next week's rate-setting meeting, investors instead focused on the coming factory orders and productivity data as well as a reversal in oil prices.

Futures for the Dow Jones Industrial Average rose 11 point, or 0.1%, to 19,220, attempting to break into uncharted territory.

The benchmark on Monday closed at a record at 19,216.24 (http://www.marketwatch.com/story/wall-street-stocks-poised-to-step-higher-as-investors-shake-off-italy-referendum-2016-12-05) as the postelection rally marched on, and traders largely shook off the "'no" vote in Italy's referendum (http://www.marketwatch.com/story/what-to-know-now-that-italy-has-voted-no-with-renzi-set-to-step-down-2016-12-04). The move marked the 19th all-time high for the index logged in 2016.

"The Dow is up because of a handful of stocks that should do well under Trump's program, so it's basically a rotation process. Now, I think that rotation process may have peaked," said Peter Cardillo, chief market economist at First Standard Financial.

Futures for the S&P 500 index inched 2.80 points higher, or 0.1%, at 2,207.25. The benchmark on Monday closed 0.4% off from a record close. Futures for the Nasdaq-100 index gained 9.75 points, or 0.2%, Tuesday to 4,790.25. On Monday, the Nasdaq Composite was the best performer among the three stock-index benchmarks on Monday, posting a 1% gain.

"Next week, the challenge will be the Fed. An increase in interest rates has already been discounted and I think what the market might be afraid of is that we might get a statement that is ultra hawkish, indicating the Fed could be more aggressive next year," he added.

Economic data: The Fed is entering its "blackout" period on Tuesday, which means there won't be any central bank speakers ahead of the monetary-policy setting meeting on Dec. 13-14. Markets are currently pricing in a 94.9% probability of a rate increase at the meeting, according to the CME FedWatch tool (http://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html).

In data news, the foreign trade deficit for October will come out at 8:30 a.m. Eastern Time, along with productivity and labor costs figures for the third quarter.

At 10 a.m., factory orders for October are due.

See:

Oil slump: Following four straight day of gains, oil prices moved lower on Tuesday (http://www.marketwatch.com/story/oil-prices-pull-back-as-investors-cash-in-on-one-year-highs-2016-12-06). West Texas Intermediate crude oil lost 1.3% to $51.14 a barrel, while Brent fell 0.5% to $54.38.

Investors are now waiting for a meeting between members of the Organization of the Petroleum Exporting Countries and non-OPEC countries on Saturday to discuss a deal to limit oil production (http://www.marketwatch.com/story/oil-bulls-face-a-crucial-test-as-opec-gets-ready-to-meet-with-nonmembers-2016-12-06).

Movers and shakers: Shares of TherapeuticsMD Inc.(TXMD) soared 24% in premarket trade after the drug developer late Monday published an upbeat update on its menopause drug (http://www.marketwatch.com/story/therapeuticsmd-shares-jump-20-on-menopause-drug-study-results-2016-12-05).

Shares of Ford Motor Co.(F) could also be active after the car giant on Monday said it plans to raise $2.8 billion in new long-term financing (http://www.marketwatch.com/story/ford-to-raise-28-billion-in-long-term-debt-financing-2016-12-05).

IntraLinks Holdings Inc.(IL) rallied 16% before the open after Synchronoss Technologies Inc.(SNCR) said it would buy the company in an $821 million deal (http://www.marketwatch.com/story/synchronoss-tech-to-acquire-intralinks-in-821-million-deal-2016-12-06).

Ahead of the bell, Toll Brothers Inc.(TOL) reported a drop in fourth-quarter profit to 67 cents per share from 80 cents last year.

AutoZone Inc.(AZO) climbed 1.7% premarket after reporting earnings ahead of forecasts (http://www.marketwatch.com/story/autozones-stock-gains-after-earnings-beat-helps-offset-sales-miss-2016-12-06).

Other markets: European markets were mainly higher, tracking gains from Asia (http://www.marketwatch.com/story/asian-markets-pick-up-speed-put-italy-vote-in-rear-view-mirror-2016-12-05).

The dollar traded in tight ranges (http://www.marketwatch.com/story/after-volatile-day-of-trading-dollar-flattens-out-2016-12-06) against most other currencies, with the ICE Dollar Index marginally higher at 100.31.

Gold prices dropped for a second day.

(END) Dow Jones Newswires

December 06, 2016 08:20 ET (13:20 GMT)

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