U.S. stock index futures were slightly lower on Tuesday as investors digested earnings from retailers and awaited a report expected to show U.S. industrial production rose for a fourth straight month.
Home Depot Inc
The government is expected to report industrial production climbed by 0.4 percent in October, according to a survey of economists, but at a slower pace than in the previous month as investors watch for signs the economic recovery is taking hold. The data is due at 9:15 EST.
Investors are also watching U.S. monthly producer prices data due at 8:30 EST. Prices at the factory gate are expected to have ticked up 0.5 percent in October after a surprise fall in the previous month.
Peter Cardillo, chief market economist at Avalon Partners in New York, said investors would be taking profits after a strong run that pushed major indexes to 13-month closing highs on Monday, but said industrial production numbers could reverse that.
Any good news out there could cut short profit taking, he said. The trend is higher for equites.
S&P 500 futures fell 1.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dipped 10 points, and Nasdaq 100 futures dropped 3.25 points.
Billionaire Warren Buffett's Berkshire Hathaway Inc
Investor George Soros's hedge fund reported holdings of $6.2 billion during the third quarter, an increase of $2 billion, after taking a stake in Ford Motor Co
The U.S. dollar recovered slightly from 15-month lows in the previous session, pressuring oil and other commodities that helped drive Wall Street higher Monday.
Oil fell 0.7 percent after gaining 3 percent in the last session. The U.S. dollar climbed 0.6 percent against a basket of currencies <.DXY>.
U.S. stocks rose broadly on Monday after Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates would stay low to spur growth.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)