March 26, 2014 -- 8:30 a.m. - 03/26/14

U.S. stock index futures are suggesting a higher open. The Dow and S&P 500 are about 0.5% above fair value. The NASDAQ is up 0.6% in early action.

Stocks are poised to extend yesterdays advance thanks to encouraging economic data. Durable goods orders increased for the first time in three months. Orders rose 2.2% in February which was the best reading since November and topped expectations for a gain of 0.8%.

After the open at 9:45 a.m. ET, Markits U.S. services PMI is anticipated to edge higher to 54 this month from a reading of 53.3 in February. In other action, the Federal Reserve will release part two of its annual stress tests at 4:00 p.m. ET as it determines whether banks have enough capital to pay dividends and repurchase stock.

In company news, Facebook is flat in pre-market trading after agreeing to buy Oculus VR, a virtual-reality company, for a total of about $2 billion in cash and stock. Shares of International Game Technology are falling 8% ahead of the opening bell after the company said it would cut 7% of its workforce and lowered its full-year earnings forecast.

On the fixed-income front, Treasuries are little changed before the U.S. auctions $35 billion in five-year debt and $13 billion in two-year floating-rate notes. The 10-year note is up 1/32 to yield 2.74%. The 30-year bond is off 1/32 yield 3.60%.

This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.

 

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