U.S. indexes set to open higher as data points to recovery

By Abhiram Nandakumar

REUTERS - U.S. stocks were set to open higher on Wednesday as a barrage of data painted a picture of moderate economic growth, giving Federal Reserve policymakers more to chew on as they consider whether to raise interest rates next month.

Worries about the fallout from the downing of a Russian warplane by Turkey, which weighed on stocks on Tuesday, eased as traders looked forward to Thursday's Thanksgiving holiday.

"The market will be guided by the macro news of the day, notwithstanding the geopolitical concerns that remain elevated," said Peter Cardillo, chief market economist at First Standard Financial in New York.

Data showed claims for jobless benefits fell more than expected to 260,000 last week, while durable goods orders for October, excluding aircraft, increased 1.3 percent, far more than the 0.4 percent expected.

However, other data showed consumer spending increased just 0.1 percent in October, less than the 0.3 percent expected.

The University of Michigan's final index on consumer sentiment for November is due at 10.00 a.m. (1500 GMT), as is a report on new single-family home sales for October.

At 9:06 a.m. ET, Dow e-minis were up 53 points, or 0.3 percent, with 18,541 contracts changing hands. S&P 500 e-minis were up 5 points, or 0.24 percent, with 127,794 contracts traded. Nasdaq 100 e-minis were up 12.25 points, or 0.26 percent, on volume of 18,964 contracts.

The Fed holds its last policy meeting of the year on Dec. 15-16, when it will decide whether to raise interest rates for the first time since 2006.

Global stocks rose, as did the dollar, after Reuters reported that European Central Bank officials are considering further monetary policy easing.

U.S. shares closed higher on Tuesday, after a weaker start, as energy stocks rose along with crude oil.

Crude resumed its slide as investors turned their focus back to a global supply glut.

Shares of biotechnology company Baxalta were up 2.6 percent at $36.58 in premarket trading after Reuters reported that British drugmaker Shire was preparing a new takeover offer. Baxalta rejected an earlier unsolicited $30 billion offer.

Deere was up 5.1 percent at $80.20 after its quarterly profit beat estimates.

HP Inc, the new company that houses the former Hewlett-Packard Co's printer and PC businesses, dropped 9.2 percent to $13.33 after it forecast an adjusted profit for the first quarter that fell short of estimates. Hewlett Packard Enterprise rose 4.1 percent to $14.25 after it kept its forecast.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Ted Kerr)