Stock Futures Slip After Economic Data
NEW YORK (TheStreet) -- U.S. stock futures were slipping Tuesday after a mixed batch of U.S. economic data tempered enthusiasm for a promising read on investor sentiment in Germany.
Futures for the Dow Jones Industrial Average were down 44 points, or 45 points below fair value, at 12,791. Futures for the S&P 500 were down 5.7 points, or 5.4 points below fair value, at 1343. Futures for the Nasdaq were down 7.7 points, or 7.2 points below fair value, at 2560.
Debt downgrades of six European countries by Moody's Investors Service cast a shadow on the trading session, a fresh reminder of economic weakness in the region. The list of countries being downgraded includes Italy and Spain, which have now lost their triple-A ratings, Portugal, Slovakia, Slovenia and Malta.
With Greece on track to receive approval for a bailout from its European creditors, investors turned some of their focus to domestic economic news on Tuesday. The Commerce Department said that U.S. retail sales for January rose 0.4%, short of the expected 0.9% increase, according to Thomson Reuters. Sales were downwardly revised to unchanged in the previous month.In a separate report from the Labor Department, Import prices for January increased by 0.3%, reversing a 0.1% decrease in December, as economists had expected. Import prices were up 7.1% year over year, while export prices were up 2.5% year over year. At 10 a.m., business inventories for December are expected to rise 0.5%, adding to a 0.3% gain in the previous month. In Europe, a reading on German investor confidence rose to its highest level in 10 months, according to the ZEW Center for Economic Research in Mannheim. European stocks were paring gains, however, after the morning's economic releases in the U.S. Germany's DAX was up 0.18% while London's FTSE was down 0.14%. Japan's Nikkei Average settled up 0.59%, and Hong Kong's Hang Seng was up 0.15%.
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