Futures Mixed After Bank Earnings, Slower China Growth

NEW YORK ( TheStreet) -- U.S. stock futures were mixed after two U.S. banks reported earnings and as investors digested China's slowing pace of growth.

Futures for the Dow Jones Industrial Average were down 35 points, or 67 points below fair value, at 11,266. Futures for the S&P 500 were down 1 point, or 3 points below fair value, at 1193 and Nasdaq futures were up 5 points, or 5 points below fair value, at 2330.

Stocks sold off by 2% Monday, putting an end to an impressive October rally that sent the S&P index up more than 11% since it bottomed out on Oct. 3. The losses came as investors again took a cautious stance on how much headway European officials were making in addressing their debt problems.

"It's tough to argue against a pullback from the top of the three-month trading range, especially when we got overbought on the very short-term by achieving that level in two short weeks," wrote Marc Pado, market strategist at Cantor Fitzgerald in a research note.

On Tuesday, China reported that its economy grew at a pace of 9.1% in the third quarter, down from 9.5% in the prior quarter. The reading fell short of economists' forecast for 9.2% and was the slowest pace since the second quarter of 2009.

London's FTSE was dropping 1.1% while Germany's DAX was down 0.24%. Japan's Nikkei Average finished down up 1.6%, and Hong Kong's Hang Seng plunged by 4.2%.

In the U.S., the produce price index rose 0.8% in September, higher than the estimated 0.2%. Core producer prices, which exclude food and energy costs, edged up 0.2%. Economists expected the core index to rise by 0.1%.

A slew of brand name companies reported earnings before the bell. Bank of America ( BAC) beat estimates, reporting a profit of $6.2 billion. Revenues were up 6% at $28.8 billion, compared to estimates of $25.95 billion. Shares were rising 2%.

Goldman Sachs ( GS) shares were up 1.4% in pre market trading after the company reported a third-quarter loss of $393 million that stemmed from a steep decline in the value of its own investment portfolio. Analysts expected a loss of $4.29 billion in revenue, according to Thomson Reuters.

Soda giant Coca-Cola ( KO) earned an adjusted third-quarter profit of $1.03 a share, above analysts' estimates. Shares were about unchanged at $67.40

Another notable name to report today is Apple ( AAPL), which is expected to release earnings after the close. The company will hold its first conference call since the iPhone 4S hit stores.

The dollar index, a measure of the dollar's value against a basket of currencies, was gaining 0.17%. The benchmark 10-year Treasury was last gaining 10/32, diluting the yield to 2.123%.

Gold for December delivery was losing $17.40 to trade at $1659 an ounce. In other commodities, the November crude oil contract was edging up 30 cents to trade at $86.03 a barrel.

At 1:15 p.m. ET, Federal Reserve chairman Ben Bernanke is slated to speak at a conference with the Boston Fed.

-- Written by Chao Deng in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.