This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Market Hustle: Stock Futures Point Lower as Housing Disappoints

NEW YORK (TheStreet) -- Stock futures pointed lower Wednesday after a poor result for housing starts in January, while key offshore markets fell.

  • Futures for the S&P 500 were falling 4.41 below fair value to 1833.25 while futures for the Dow Jones Industrial Average were 28.40 lower at 16,072.0. Futures for the Nasdaq were 7.53 lower at 3670.8.
  • Construction of new U.S. homes dived 16% in January to an annual rate of 880,000, the biggest fall since February 2011, according to government data on Wednesday. Expectations were for 950,000 housing starts, with poor weather blamed for sluggish construction.
  • The producer price index rose 0.2% in January under the government's new formula for wholesale inflation. Over the past year, wholesale prices have risen 1.2%, the highest level in three months. The Labor Department has overhauled the producer price index for the first time since 1978 to reflect the larger portion of the economy represented by retail, finance, education and health services.
  • Minutes of the Federal Reserve's Jan. 29 meeting will be scrutinized at 2 p.m. for any hints on the direction of future monetary policy and the pace of stimulus wind-back.
  • M&A deals continue this week with the largest jewelry chain in the U.S., Signet Jewelers (SIG) agreeing to buy Zale (ZLC) for about $1.4 billion. Signet offered $21 per Zale share in cash, about 41% above Zale's closing price on Tuesday.
  • Stocks expected to see price action Wednesday include Safeway (SWY), Tesla Motors (TSLA) and Carlyle Group (CG), all of which are slated to post fourth-quarter earnings, along with MGM Resorts International (MGM) and Garman (GRMN). Shares in Potbelly (PBPB) fell in after-hours trading Tuesday after it posted a fourth-quarter loss of $3.68 million while shares of Herbalife (HLF) were higher after it beat earnings per share estimates.
  • Markets closed mixed on Tuesday amid poor manufacturing data and homebuilding sentiment while M&A continued apace with a $25 billion deal in the biotech sector.
  • Germany's DAX was falling 0.51% while the U.K. FTSE was also 0.42% lower after worse-than-expected unemployment figures means the Bank of England faces less pressure to raise interest rates. In Japan the Nikkei finished down 0.52% while the Hang Seng was 0.34% higher. Chinese consumer confidence hit a record 11 as it rose in the final quarter of last year, according to a survey by Nielsen. Emerging market currencies were weaker amid anti-government protests in Thailand and the Ukraine.

-- Written by Jane Searle in New York

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,919.59 +80.85 0.48%
S&P 500 1,981.60 +9.86 0.50%
NASDAQ 4,527.5140 +19.2020 0.43%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs