By IB Times Staff Reporter: Subscribe to IB's RSS feed
August 31, 2010 10:13 AM EDT
Futures on major U.S. stock indices point to a lower opening on Tuesday on continued concern about the strength of the U.S. economic recovery. Investors are cautious as Friday's U.S. employment report is due.
Ahead of August consumer confidence index and home-price data, futures on the S&P 500 are down 3.10 points to 1,042.00, futures on the Dow Jones Industrial Average are down 30 points to 9,949.00 and Nasdaq100 futures are down 8.25 points to 1,760.50.
The latest expectations show that the rebound in U.S. home prices slowed in June, and consumer confidence probably stagnated near a five-month low this month, according to economists. The home- price data from S&P/Case-Shiller is due at 9 am New York time, while the Conference Board’s report on consumer sentiment is expected at 10 am.
The New York-based Conference Board may say its consumer sentiment gauge was little changed at 50.7 in August, from 50.4 in July, according to the median of 68 estimates in a Bloomberg survey.
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Data from S&P/Case-Shiller may show property values in 20 U.S. cities rose 3.5 percent in June from the same month last year, down from a 4.6 percent gain in May, according to a Bloomberg survey.
On Monday, stocks fell on more tepid economic data, as weak personal income and manufacturing data highlighted a slowdown in the economic recovery and overshadowed deal activity.
The Commerce Department said that personal income rose less than expected in July, although personal spending did climb 0.4 percent. However, without sustained growth in income, higher spending would likely be temporary.
European stock markets moved lower, as more signs of slowing economic growth got investors worried ahead of Friday's U.S. employment report. Markets are currently trading lower with FTSE 100 trading down by 59.94 points, DAX30 down by 52.31 points and CAC 40 down by 32.06 points.
The euro rose 0.15 percent to 1.2681 against the dollar, while the yen declined 0.38 percent against the greenback.
Crude oil futures fell 1.57 percent and copper futures declined 1.71 percent. In precious metal sector, gold futures declined 0.19 percent and silver futures fell 0.68 percent.
Asian stock markets extended losses on Tuesday as Japanese Nikkei declined by 3.55 percent, Hong Kong’s Hang Sheng by 0.97 percent, and Chinese Shanghai ended down 0.52 percent.
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