Stock futures were down sharply Tuesday following economic concerns arising in Asia and new riots in Greece protesting the government's austerity measures.
As of 6:55 a.m. in New York, the Dow Jones Industrial Average futures were down 97 points, or 0.96%, to 9990, the S&P 500 futures were lower by 11.4 points to 1059.50 and the Nasdaq 100 futures lost 22.25 points to 1813.50.
The Conference Board’s Chinese index was up 0.3% in April, considerably less than the 1.7% earlier reported and well below economists expectations. The Conference Board cited a calculation error in its earlier report.
Economic-cycle markets dived on the news. Oil was down nearly 2% to $76.72 a barrel while copper futures plunged nearly 3% to $2.9820 a pound. Stocks such as Caterpillar (CAT: 64.409, 0, 0%), Alcoa (AA: 11.03, 0, 0%) and Deere (DE: 58.46, 0, 0%) were also broadly lower in pre-market trading.
Meanwhile early reports of riots in Greece put additional pressure on European stocks Tuesday, which the major averages down between 2% and 2.75%. The euro was down nearly 0.8% to $1.21.
Here in the U.S., Wall Street will get April's S&P/Case-Shiller home-price index at 9 a.m. followed by consumer confidence at 10 a.m. Economists are looking for a 3.4% rise in home prices and a fall in consumer confidence to a reading of 62.0.
On Monday, the Dow Jones Industrial Average fell 5.29 points, or 0.05%, to 10138.52, the Standard & Poor's 500 sank 2.19 points, or 0.20%, to 1074.57 and the Nasdaq Composite lost 2.83 points, or 0.13%, to 2220.65. The FOX 50 added 1.88 points, or 0.24%, to 784.37.
