Stock Futures Jump on Upbeat Chinese Data

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Stock futures rallied Tuesday morning amid upbeat economic data from China and continued dealmaking as traders awaited a slew of fresh data on the U.S. economy.?

Today's Markets

As of 8:00 a.m. ET, Dow Jones Industrial Average futures jumped 62 points to 11,947, S&P 500 futures were up 9 points to 1,275 and Nasdaq 100 futures gained 12.5 points to 2,232.?

The data released Tuesday on China suggested the world's second-largest economy might be faring better than expected, which could be a boon to the wider global economy. ?

Two significant reports on the U.S. economy are on tap for 8:30 a.m. ET. ?The Producer Price Index is expected to show prices at the wholesale level ticked higher by 0.8% in May, and 0.3% excluding volatile food and energy prices. ?Market participants have been paying particularly close to inflation data as energy prices have surged in recent months. ?

A major question has been whether significant gains in energy will seep into the broader price level -- a situation that many economists say is more challenging to control. ?The more closely-watched Consumer Price Index is slated for release on Wednesday.?

Fresh retail sales data are expected to show a slight decrease of 0.6% in May, or a gain of 0.1% excluding automobile sales. ?Sales at retail establishments gives a view of the state of the consumer, and can sometimes be seen as a proxy for the broader economy. ?

Retailers like Best Buy (BBY) and Wal-Mart (WMT) can be particularly affected by these data.?

On the corporate front, Apple (AAPL) and Nokia (NOK) agreed to settle all pending patent lawsuits and International Trade Commission complaints. Nokia said the deal will increase its quarterly earnings, pushing shares significantly higher in early trading. The two companies had been sparring over smartphone patents for months.?

The high pace of mergers and acquisitions activity continued into Tuesday. ?Ericsson (ERIC) unveiled plans to buy privately-held Telcordia for $1.15 billion in cash. ?

Energy markets traded in a fairly tight range Tuesday morning.?

Light, sweet crude slipped 51 cents, or 0.52%, to $96.79 a barrel. ?Wholesale RBOB gasoline was up 2 cents, or 0.69%, to $3.02 a gallon.?

Consumer gasoline prices continue moderating at a fairly slow pace. ?A gallon of regular gas costs $3.70 on average nationwide, down from $3.96 last month, but still a dollar above the $2.70 drivers paid last year, according to the AAA Fuel Gauge Report.?

In metals, gold climbed $2.60, or 0.19%, to $1,519 a troy ounce. ?Silver was down 7 cents, or 0.21%, to $34.67 a troy ounce.

The euro gained 0.24% against the U.S. dollar and the greenback fell 0.06% against a basket of world currencies.?

Foreign Markets

Global shares rallied on the positive economic data from China. ?

The English FTSE 100 was up 0.19% to 5,784, the French CAC 40 climbed 0.75% to 3,836 and the German DAX jumped 1.4% to 7,182.?

In Asia, the Japanese Nikkei 225 soared 1.1% to 9,548 and the Chinese Hang Seng ticked lower by 0.05% to 22,496.?

Source: http://feeds.foxbusiness.com/~r/foxbusiness/latest/~3/DnQUFQ9Zg0o/

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