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US STOCKS-Futures down ahead of home price, consumer data

Published 09/29/2009, 07:32 AM
Updated 09/29/2009, 07:39 AM

* Investors await home price, consumer confidence data

* Oil prices down on weak demand outlook

* Futures off; S&P 2 pts, Dow 2 pts, Nasdaq 6.3 pts

NEW YORK, Sept 29 (Reuters) - U.S. stock index futures edged lower on Tuesday as investors awaited data on home prices and consumer confidence, following solid gains in the previous session.

* Economists expect the Conference Board's Consumer Confidence Index to show a reading of 57.0 for September, up from August's 54.1, according to a Reuters survey. Despite an improvement, the reading would still be considered far from healthy, suggesting consumers are worried about more economic woes ahead. The data is due at 10 a.m. EDT.

* The U.S. S&P/Case-Shiller home price index for July is due at 9 a.m. EDT. Economists look for prices to rise 0.5 percent in July versus a 1.4 percent increase in the previous month.

* Energy shares are likely to come under pressure, following a drop in crude oil futures. A weak demand outlook expected to be reinforced by weekly inventory data from the United States pushed down crude futures by 0.3 percent.

* S&P 500 futures fell 2 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 lost 2 points and Nasdaq 100 futures fell 6.25 points.

* On the earnings front, Walgreen Co, Nike Inc, Micron Technology Inc and Jabil Circuit Inc are set to report quarterly results later in the day.

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* European shares advanced on Tuesday, led by French bank BNP Paribas, which launched a 4.3 billion euro capital increase as it seeks to pay back government aid.

* Other economic data on tap include the ICSC-Goldman Store sales report at 7:45 a.m. and Redbook retail sales at 8:55 a.m.

* U.S. stocks rallied Monday, snapping a three-day losing streak, as a spurt of corporate takeovers in the technology and health-care sectors fueled optimism about share values.

* The end of the third quarter on Wednesday may spur volatility as fund managers pursue "window dressing" -- selling laggards in favor of outperformers to spruce up portfolios at quarter's end.

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