May 10, 2016 / 11:17 AM / 2 years ago

US STOCKS-Futures rise helped by higher oil prices

* Futures up: Dow 61 pts, S&P 6 pts, Nasdaq 12 pts

By Tanya Agrawal

May 10 (Reuters) - U.S. stock index futures were higher on Tuesday, helped by a rise in oil prices as the raging wildfire in Canada hit supplies and temporarily eclipsed concern over high global inventories.

* Oil prices were up more than 1 percent, driven by supply disruptions in Canada and elsewhere that have knocked out 2.5 million barrels of daily production.

* An early rally in oil prices on Monday lost steam later in the day, dragging down energy shares, although Wall Street ended mostly higher for the day after a rise in healthcare companies offset the decline in energy and materials shares.

* Investors will be watching out for wholesale inventories data at 10 a.m. ET (1400 GMT), keen to see if inventories, which fell at their fastest pace in nearly three years in February, rebounded by an expected 0.1 percent in March.

* The S&P, which has risen about 15 percent since its February lows, has slowed its rally in the last two weeks as underwhelming quarterly earnings and mixed economic data cloud the path of U.S. interest rate hikes.

* While commentary from various Federal Reserve officials in the past few weeks has hinted at two rate hikes this year, traders are pricing in only one increase at the end of the year.

* With first-quarter reports almost all in, earnings at S&P 500 companies, on average, fell 5.5 percent while revenue was down 1.9 percent, according to Thomson Reuters I/B/E/S.

* Dow component Walt Disney and videogame publisher Electronic Arts are scheduled to report after the closing bell.

* Gap shares fell 13.5 percent to $18.86 in premarket trading after the retailer reported a decline in sales for the fifth straight quarter.

* SolarCity was down 20.5 percent at $17.90 after the solar panel maker posted a bigger-than-expected quarterly loss and cut its forecast.

* Lumber Liquidators fell 10.8 percent to $12 as the company’s sales fell for the fourth straight quarter.

Futures snapshot at 7:04 a.m. ET:

* S&P 500 e-minis were up 6.25 points, or 0.3 percent, with 209,405 contracts traded.

* Nasdaq 100 e-minis were up 11.5 points, or 0.27 percent, on volume of 28,240 contracts.

* Dow e-minis were up 61 points, or 0.35 percent, with 30,259 contracts changing hands. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D’Souza)

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