Stock Futures Adrift as Iraq Tensions Persist

NEW YORK (TheStreet) -- Stock futures were little changed Monday as investors considered mixed global economic data and tensions in Iraq after the S&P 500 reached yet another record high to end last week.

Dow Jones Industrial Average futures were down 1 point, or 8.08 points below fair value, to 16,857. S&P 500 futures were up 0.5 points, or 0.97 points below fair value, to 1,953.75. Nasdaq futures were down 2.5 points, or 2.94 points below fair value, to 3,790.8. The S&P 500 closed higher by 1.38% last week as the Dow inched closer toward 17,000, driven by the Federal Reserve's reaffirmation of supportive monetary policy but restrained from further upside by the continue conflict in Iraq.

U.S. Secretary of State John Kerry arrived in Iraq on Monday to meet with Prime Minister Nuri al-Maliki as radical Sunni militants seized control of one city after another in their violent advance toward Baghdad. There have been calls for al-Maliki to resign from his post amid growing doubt that he'll be able to form a new, inclusive government to ease the crisis in Iraq.

In Asia, markets started well, buoyed in part by a stronger-than-expected HSBC preliminary purchasing managers index flash for China unexpectedly showing a return to growth in June after five months of contraction. But China stocks traded in Hong Kong put in a poor performance, especially in the automotive sector. European stocks were hit by disappointing eurozone purchasing managers indices from Markit, with a particularly sharp drop in France to a four-month low and well into contraction territory.

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