NEW YORK (
TheStreet) -- Stock futures were pointing to a lower open for markets amid concerns the
Federal Reserve could scale back its stimulus program as early as this month.
Futures for the
Dow Jones Industrial Average were shedding 67.0 to 15,931.0 while
S&P 500 futures were 5.50 lower to 1,794.25.
Nasdaq futures were off 5.00 to 3,478.0.
Markets closed lower Monday, with disappointing sales for the first holiday weekend. Other investors suggested strong manufacturing data had lifted the chance the Fed will cut bond purchases sooner rather than later, depressing equity markets.
The economic calendar is light Tuesday, with U.S. motor vehicle sales the main agenda item. Australian GDP is due Tuesday night, with expectations for 0.6% growth in the third quarter.
Shares expected to see price action as a result of auto-vehicle sales include
shares are likely to fall sharply after the company posted a poor outlook with its results on Monday. By contrast,
Ascena Retail Group
beat expectations for the first quarter
For Cyber Monday -- the big sales day for online retailers -- sales were 19% higher from 2012 as of Monday night, IBM said. Yet shares in
were little changed in European trade.
In overseas markets, Europe was mostly lower as producer prices in the region fell sharply. Yet the pound was higher on strong British construction data, which rose at the fastest pace in more than six years. Chinese shares continued their Monday selloff.
Germany's DAX was falling 1.10% while the FTSE was off 0.71%. The Hang Seng closed 0.53% lower while the Nikkei was up 0.60%.