U.S. stock futures point to lower opening on Tuesday amid renewed euro-zone debt concerns and speculation that China may step up measures to curb inflation.
Futures on the S&P 500 are down 0.49 percent, futures on the Dow Jones Industrial Average lost 0.55 percent and Nasdaq100 futures are down 0.73 percent.
On the economic front, the Producer Price Index rose for the fourth straight month to 0.4 percent in October, but below economists' expectations of a 0.8 percent rise. The advance followed a 0.4 percent rise in both September and August. The index for finished goods less foods and energy fell 0.6 percent in October after increasing in each of the prior eleven months.
On the corporate front, Retail giant Walmart reported 9 percent growth in its quarterly profit on strong sales at its international operations and also raised its fiscal 2011 outlook. Its shares were up 1.39 percent to $54.70 in pre-market trade.
General Motors raised the estimated price for its initial public offering of 365 million shares to $32 to $33 a share from its prior range of between $26 and $29 per share.
On Monday, US stocks closed mixed, as euro-zone concerns resurfaced offsetting earlier gains on robust retail sales data. A report that New York regional manufacturing index fell in November for the first time in more than a year also dampened the sentiment.
Industrial production index is expected to show that activity improved to 0.30 percent in October, after falling for the first time in a year to 0.2 percent in September.
Slew of other economic data including inflation, weekly jobless claims, housing starts, building permits, which are due to release during the week, should provide a better picture for the current economic situation in the world’s largest economy.
On the housing front, NAHB Housing Market Index is expected to show a reading of 15.00 for October, compared to the prior month’s 16.00.
The euro rose 0.18 percent to 1.3612 against the dollar while the greenback strengthened 0.11 percent against the yen.
Crude oil futures declined 0.99 percent to $85.9/barrel and gold futures fell 0.88 percent.
European stock markets are currently trading lower with U.K. FTSE 100 down by 73.37 points, German DAX30 down by 47.00 points and French CAC 40 down by 56.38 points.
Among Asian stocks, China's Shanghai Composite fell 4 percent on speculation that the country may step up measures to curb rising prices.