Futures on major U.S. indices were flat ahead of some key economic data on Tuesday, after stocks surged to a 10-week high on Monday.
Futures on the S&P 500 are down 0.09 percent, futures on the Dow Jones Industrial Average are down 0.02 percent and Nasdaq100 futures are up 0.07 percent.
The focus has shifted to economic data from earnings as more than two-thirds of US and European companies have reported their results. Investors will be looking out for encouraging economic data to push stocks higher.
On economic front, June personal consumption, factory orders, pending home sales and July auto sales are due later in the day to assess the strength of economic recovery in the United States.
Economists are expecting a 0.5 percent decline in factory orders and a 5 percent decline in pending home sales, while auto sales are seen rising 4 million units in July from 3.7 million in June.
Meanwhile, drug-maker Pfizer reported second quarter adjusted earnings of $4.96 billion or 62 cents a share, up from $3.25 billion or 48 cents a share last year. Revenues rose 58 percent to $17.33 billion, with 169 percent growth in diversified revenue and 49 percent increase in biopharmaceutical sales. The company reaffirmed its 2010 and 2012 guidance for sales and earnings.
Procter & Gamble said fourth quarter core earnings per share fell 9 percent to 71 cents as operating margin declined 310 basis points. It expects first quarter core earnings per share between $0.97 and $1.01.
Consensus had an earnings estimate of 52 cents for Pfizer and 73 cents for Procter & Gamble.
On Monday, US stocks surged to 10-week highs, with the S&P 500 shooting above its 200-day moving average, as energy and financial sectors lifted the broader.
Before market opens:
• European shares fell from a three-month high on Tuesday as declines by media companies offset better-than- estimated results at BMW, Deutsche Post DHL and Bayerische Motoren Werke AG.
• European markets are currently trading in tight range with FTSE 100 trading down by 7.72 points, DAX30 trading up by 14.13 points and CAC 40 trading down by 4.55 points.
• German luxury car maker BMW’s second-quarter net profit rose to 834 million euros from 121 million euros a year ago. Its revenue rose 18.3 percent to 15.35 billion euros.
• On the economic front, Eurozone Producer Price Index (PPI), which measures the average change in selling prices received by domestic producers of goods and services, rose 0.3 percent in June against the economists’ expectations of 0.4 percent. Compared to same month last year, PPI rose 3 percent against the expectations of 0.4 percent.
• German new car registrations declined 30 percent to 237,500 in July compared to the same month last year. New-car sales were boosted in 2009 due to German government's incentive program.
• The euro advanced 0.53 percent to 1.3250 against the dollar and the yen advanced 0.45 percent against the greenback on speculation U.S. consumer spending slowed.
• Crude oil futures advanced 0.63 percent and copper futures declined 1.05 percent. In precious metal sector, gold futures advanced 0.25 percent and silver futures declined 0.02 percent
During Asian Market hours:
• Asian stock markets were mostly higher Tuesday, led by gains from financials and commodity sectors. Japanese Nikkei rose 1.29 percent and Hong Kong’s Hang Seng advanced 0.2 percent
• Chinese Shanghai declined 1.70 percent on concerns that the government will be constrained in relaxing its policy curbs as higher agriculture prices increase inflation.
