Stock futures are pointing to a lower open Tuesday ahead of a slew of economic reports that will paint a picture of the state of the U.S. economy.
NEW YORK (TheStreet) -- Stock futures were pointing to a lower open Tuesday as the markets nervously shifted their attention from the eurozone debt crisis to a slew of U.S. economic reports that will paint a picture of the state of the U.S. economy.
Futures for the Dow Jones Industrial Average were falling by 140 points, or 120 points below fair value, at 12,079. Futures for the S&P 500 were slipping by 18 points, or 15 points below fair value, at 1252, and Nasdaq futures were behind by 33 points, or 28 points below fair value, at 2341.
Hong Kong's Hang Seng fell 0.8% while Japan's Nikkei slipped 0.7%. The FTSE in London was shedding 1.3%, and the DAX in Frankfurt was losing 2.7%.
A slew of economic reports are scheduled for Tuesday, beginning with the ICSC/Goldman Sachs chain-store sales for the week ended Nov. 12, at 7:45 a.m. ET. Sales increased 1% the week before.
The Labor Department will release the October Producer Price Index, or PPI, at 8:30 a.m. Economists surveyed by Reuters are expecting a 0.1% fall compared with a 0.8% rise in September. Excluding food and energy items, PPI is likely to increase rise 0.1%, compared with a 0.2% increase the month before.
The Commerce Department will release October retail sales data at the same time. Economists surveyed by Reuters forecast a 0.3% rise in October, compared with a 1.1% rise in September. Excluding automobiles, sales are likely to rise 0.1%, compared with a 0.6% increase in September.
Also scheduled for 8:30 ET is the New York Federal Reserve's Empire State Manufacturing Survey for November. Economists polled by Reuters are expecting a reading of -2.10, pointing to moderately unfavorable business conditions for New York manufacturers, compared with -8.48 in October.
At 8:55 a.m., Redbook will release its retail sales index of department and chain store sales for November. Sales increased 1.4% the month before.
Finally, the Commerce Department will release its business inventories data for September at 10 a.m. ET. Economists polled by Reuters expect a rise of 0.1% percent, compared with an increase of 0.5% the previous month.
In corporate news, retail behemoth Wal-Mart(:WMT) reported a 1.3% increase in U.S. comparable sales. Management predicted sales between down 1% and up 1%. Shares were falling 2.3% to $57.52.
Retailer Home Depot(:HD) reported a third-quarter net income rise of 12% to $934 million, or 60 cents a share, compared with $834 million, or 51 cents per share, in the year-ago period. Analysts surveyed by Thomson Reuters expected earnings of 59 cents a share on revenue of $17.11 billion.
The December crude oil contract was shedding 52 cents to trade at $97.62 a barrel. Gold for December delivery was down by $15 at $1,763.40 an ounce.
The benchmark 10-year Treasury was up 17/32, diluting the yield to 2.002%. The dollar strengthened against a basket of currencies, with the dollar index up by 0.42%.
U.S. stocks finished lower Monday over doubts about Italy's ability to contain a debt crisis and the U.S.' ability to find a resolution in the congressional deficit-reduction debates.
-- Written by Andrea Tse in New York.