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 * Investors are also taking to the sidelines ahead of Friday's
monthly jobs data, which is shaping up to be critical for markets as
it can provide clues on the timing of a rate hike. The U.S. economy
created 225,000 new jobs in July, according to economists polled by
Reuters.
* Wall Street ended lower on Monday as tumbling oil prices dragged
energy shares to a three-year low and factory data from China raised
concerns about the world's second-biggest economy.
* In the United States, consumer spending recorded its smallest gain
in four months, while the pace of growth in the manufacturing sector
slowed in July.
* Soft data has prompted some investors to argue that the U.S.
Federal Reserve might hold off on raising rates until December.
After the Fed meeting last week, September was seen as a more
possible date for a hike.
* The Fed, which has kept interest rates near zero for nearly a
decade, has said it will raise rates only when it sees a sustained
recovery in the economy.
* Oil prices steadied but have fallen more than 20 percent over the
last month, while copper - seen as a bellwether of global growth -
nudged off a six-year low.
* With more than half of the S&P 500 companies having reported their
second-quarter results, analysts expect overall earnings to edge up
0.9 percent and revenue to decline 3.3 percent, according to Thomson
Reuters data.
* Valuations remain a concern. The S&P 500 is trading near 16.8
times forward 12-month earnings, above the 10-year median of 14.7
times, according to StarMine data.
* Companies scheduled to report on Tuesday include Archer Daniels
and Hyatt Hotels before the opening bell, while Walt Disney,
Genworth Financial and Kellogg report after the close of market.
[to top of second column] |
* Sprint's shares fell 1.2 percent to $3.30 in pre-market trading
after the No. 3 U.S. cellular operator said its chief financial
officer would leave the company.
* Regeneron Pharmaceuticals rose 1.7 percent to $564 after the
biotechnology company reported a 50 percent rise in quarterly
revenue, boosted by increasing demand for its blockbuster eye drug,
Eylea.
Futures snapshot at 7:05 a.m. ET (1105 GMT):
* S&P 500 e-minis were down 4.5 points, or 0.22 percent, with 93,926
contracts traded.
* Nasdaq 100 e-minis were down 13.5 points, or 0.3 percent, on
volume of 19,604 contracts.
* Dow e-minis were down 34 points, or 0.19 percent, with 14,580
contracts changing hands.
(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)
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