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TheStreet Open House

Stock Futures Lower on Taper Warning From Fed's Fisher

NEW YORK (TheStreet) -- Stock futures were pointing lower Tuesday as Dallas Federal Reserve President Richard Fisher warned investors to prepare for a wind-back of central bank stimulus.

Futures for the S&P 500 were falling 3.5 points, or 3.99 points below fair value, to 1,764 while futures for the Dow Jones Industrial Average were down 15 points, or 23.10 points below fair value, to 15,708. Nasdaq futures were down 8.3 points, or 11.88 points below fair value, to 3,346.

"We've changed and impacted the markets because of our intervention and I understand there's sensitivity, but markets should also bear in mind that this program cannot go on forever," Fisher told CNBC on Tuesday.

Atlanta Fed President Dennis Lockhart will speak at Auburn University at 1:15 p.m.

Sotheby's (BID) shares were slumping 2.04% to $50 after the auction house reported a loss in the third quarter, though the loss did narrow from a year ago as revenues jumped 58% to $107.9 million amid a doubling in Hong Kong sales and a 71% increase in sales at its Impressionist and Modern Art auction in New York.

News Corp (NWSA) shares were retreating by 2.41% to $17 after the owner of the Wall Street Journal posted sales that missed analyst forecasts, sparking investor concern about its legacy print business. The company, controlled by Rupert Murdoch, reported $2.07 billion in revenue for the fiscal first quarter, falling short of an average $2.18 billion estimate of eight analysts surveyed by Bloomberg.

In U.S. economic releases, the National Federation of Independent Business' index of small-business sentiment declined to a seven-month low 91.6 in October due to impact from the government shutdown.

In global news, China's Communist Party leaders pledged to allow the market to play a "decisive" role in allocating resources, The Wall Street Journal reported. The four-day meeting of the 18th Central Committee of the Communist Party of China was set to review government policy for the next decade.

Markets closed marginally higher Monday amid deal activity and solid earnings results.

Germany's DAX was falling 0.30% to 9,080.09 while London's FTSE was off 0.26% to 6,711.00. The Hang Seng shed 0.73% to close at 22,901.41 while the Nikkei gained 2.23% to 14,588.68.

Oil futures were off 0.25 to $94.89 while gold futures for December were falling to $1280.1. Ten year U.S. Treasuries were rising 0.037 to $2.78 while the dollar was rising 0.28% to $81.31 according to the U.S. dollar index.

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