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NEW YORK ( TheStreet) -- U.S. stock futures fell further Wednesday after lower-than-expected manufacturing sector and inflation figures.
Futures for the
Dow Jones Industrial Average were falling 20 points, or 21.14 points below fair value, at 13,113. Futures for the
S&P 500 were down 1.79 points, or 1.28 points below fair value, at 1399. Futures for the
Nasdaq 100 were down 1.75 points, or 1.79 points below fair value, at 2725.
The major U.S. equity averages finished mixed Tuesday as a stronger-than-expected rebound in retail sales in July failed to fuel substantial buying.
The Labor Department reported before the markets opened Wednesday that the consumer price index was unchanged in July versus an unchanged reading in June. The core number, excluding the food and energy items, rose 0.1% after being up 0.2% in June. Economists surveyed by
Reuters expected the headline CPI to rise 0.2% in July and the core number to stay at 0.2%.
At the same time, the New York Fed's Empire state survey showed that the general business conditions index weakened to negative 5.85 in August from 7.39 July.
"From a market standpoint, today's data works in favor of those believing the Fed is more likely to ease policy in coming months," said Dan Greenhaus, chief global strategist at BTIG. "Core prices appear to have topped out for now while headline prices have been pushing lower since the middle of 2011. The FOMC will not like that very much."
"The Empire Manufacturing survey is our first look at the manufacturing sector each month and in August, our first look was not good," he added. "The report isn't entirely negative per se but it's certainly broadly negative."
Federal Reserve is predicted to say at 9:15 a.m. that industrial production rose 0.5% in July after gaining 0.4% in June. Capacity utilization is expected to have risen to 79.2% after increasing to 78.9% the month before.
At 10 a.m., the National Association of Home Builders is forecast to say that the housing market index stayed at 35 in August.
September crude oil futures were off 28 cents at $93.15 a barrel and December gold futures were down $5.90 at $1,596.50 an ounce.
The benchmark 10-year Treasury was slipping 6/32, raising the yield to 1.761%. The greenback was up 0.23%, according to the
The FTSE in London was off 0.41% and the DAX in Germany was shedding 0.48%.
The Hong Kong Hang Seng index closed lower by 1.18% and the Nikkei in Japan finished down 0.05%.
In corporate news,
Cisco(CSCO - Get Report) is expected to report fiscal fourth-quarter results after Wednesday's closing bell and analysts are calling for the networking equipment giant and
Dow component to post earnings of 45 cents a share on revenue of $11.6 billion.
TheStreet will be live-blogging Cisco's results Wednesday at 3:45 p.m. EDT.
Berkshire Hathaway(BRK.A - Get Report) revealed in a
13-F filing it sold a stake in
Intel(INTC), added to positions
Wells Fargo(WFC) and
Bank of New York Mellon(BNY) and sold off significant portions of positions in
United Parcel Service(UPS) and
Berkshire Hathaway also bought shares of
Phillips 66(PSX) and
National Oilwell Varco(NOV) in the second quarter.
Standard Chartered shares were rising in London after it agreed Tuesday to pay $340 million to New York's Department of Financial Services to settle accusations the U.K. bank hid illegal transactions with Iran and violated U.S. sanctions law.
New York Times(NYT) named Mark Thompson as its next president and CEO. Thompson most recently served as director general of the
British Broadcasting Corp.