TRD: US Stock Futures Fall Ahead Of Home Price,Consumer Confidence Data
U.S. stock futures leaned to the downside Tuesday morning, pulling back from the gains seen in the previous session, as investors awaited home price and consumer confidence data.
Less than 60 minutes before the opening bell, Dow Jones Industrial Average futures slipped 17 points, or 0.1%, to 13183. The Dow rose about 161 points, or 1.2%, on Monday to erase the previous week's losses.
The Standard & Poor's 500-stock index futures gave up 3 points, or 0.2%, to 1413 and Nasdaq 100 futures lost 3.5 points, or 0.1%, to 2774. Changes in stock futures do not always accurately predict stock moves after the opening bell.
On the economic calendar, data on home prices in January is scheduled for release at 9 a.m. EDT, with economists surveyed by Dow Jones Newswires expecting, on average, a slight decline. That will be followed at 10 a.m. EDT by March consumer confidence data, with the overall index expected to slip to 70 from the previous month's 70.8.
Also due out at 10 a.m. EDT, is a reading on March manufacturing activity in the Richmond, Va., area.
The Stoxx Europe 600 was off less than 0.1%, as a disappointing Spanish Treasury bill auction highlighted the country's economic frailties, offsetting enthusiasm for Monday's U.S. gains and better-than-expected consumer confidence data in France.
The overall confidence index for France rose to 87 in March from 82 in February, while economists had been expecting an unchanged reading.
Asian bourses were mostly higher on the back of Monday's U.S. advance, with Japan's Nikkei Stock Average surging 2.4% to close at a 12-month high. China's Shanghai Composite bucked the trend by closing down 0.2% at a six-week low after the country's National Bureau of Statistics indicated profit from China's largest industrial groups dropped 5.2% in the first two months of the year.
Crude oil futures recently inched 0.1% lower to $106.90 a barrel, while gold futures ticked up 0.1% to $1,686.80 an ounce. The U.S. dollar gained slightly against both the euro and the yen.
In corporate news, shares of Apollo Group lost 6% despite the private education provider's report of fiscal second-quarter earnings and revenue that exceeded expectations. The company also said the Securities and Exchange Commission's informal inquiry initiated in October 2009 has been completed, and the SEC staff does not recommend any enforcement action.
Dollar General slid 1.5% after saying current holders would sell 25 million shares. The dollar-store chain had 344 million shares outstanding as of Feb. 3.
Lennar added 3.8% after the home builder reported fiscal first-quarter results that topped analysts' forecasts. Orders for new homes jumped 33% from a year earlier.
Walgreen gained 1.5% after the drugstore chain reported fiscal second-quarter earnings and revenue that topped estimates.
Ista Pharmaceuticals rallied 7.8% after the eye-care company agreed to be acquired by privately held Bausch + Lomb, which is offering more than $380 million for Ista's outstanding shares.