NEW YORK (
) -- Stock futures pointed to a weaker open Tuesday as producer prices showed milder-than-expected growth and investors remained concerned about global growth amid a possible interest rate hike in China and high levels of eurozone debt.
Futures for the
Dow Jones Industrial Average
were down by 51 points, or 44 points below fair value, at 11,122. Futures for the
were 5 points lower, or 5 points below fair value, at 1190, and
futures were off by 14 points, or 15 points below fair value.
Stocks were mixed at Monday's close as investors weighed mergers news and a stronger-than-expected increase in October retail sales against weak New York manufacturing activity.
In Asia Tuesday, Hong Kong's Hang Seng shed 1.4% and the Shanghai's index dropped 4% as investors continued to anticipate a rate increase from the Chinese government to cool growth. Japan's Nikkei lost 0.3%.
Concerns surrounding tightened monetary policy in China
pressured metal prices and the shares of related equities.
Freeport McMoRan Copper & Gold
were down more than 1% in early trading to $43.13 and $100.39, respectively.
was down by 1.1% to $13.25.
European stocks took a hit as investors continued to watch Ireland as European finance ministers met in Brussels to discuss solutions to the country's debt crisis. The FTSE in London was down 1.6%, and the DAX in Frankfurt was off by 0.8%.
Prices at the wholesale level rose 0.4% in October after similar growth in the previous month, the Labor Department said in the release of its producer price index. The increase was less than the 0.8% uptick that economists had been expecting, according to Briefing.com. The core rate, which excludes volatile food and energy prices, declined 0.6%, coming in lower than the expected gain of 0.1% and September's growth of 0.1%.
will report on October industrial production and capacity utilization at 9:15 a.m. Market watchers expect production to increase 0.3% after declining 0.2% in September, while capacity utilization is slated to rise to 74.9%, after coming in at 74.7% in the prior month.
At 10 a.m., the National Association of Home Builders' November housing index is expected to dip to 15 after the prior month's reading of 16.
were down 0.3% to $31.30 in premarket trading after the home-improvement retailer reported earnings of 51 cents a share on sales of $16.6 billion. Analysts had been looking for a profit of 48 cents a share on sales of $16.59 billion.
were up 0.4% to $54.50 ahead of Tuesday's opening bell as the company reported adjusted earnings of 90 cents a share, meeting estimates, on sales of $101.2 billion. Sales fell short of the revenue estimate of $102.25 billion that analysts had expected.
The retailer also increased its full-year earnings guidance to a range of $4.08 to $4.12 a share from a previous range of $3.95 to $4.05 a share.
According to a
Wall Street Journal
plans to price its initial public offering in the range of $31 to $33 a share, up from its previous range of $26 to $29 a share.
In commodity markets, the January crude oil contract was down by $1.11 to trade at $83.77 a barrel. The December gold contract was down by $7 to $1,358.50 an ounce.
The dollar traded higher against a basket of currencies with the dollar index up by 0.2%, and the benchmark 10-year Treasury note strengthened 20/32, diluting the yield to 2.889%.
--Written by Melinda Peer in New York
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.