Stock Futures Tilt Lower Ahead of Housing Data

NEW YORK (TheStreet) -- Stock futures were drifting slightly lower Tuesday after a decline in the German business climate index and as investors awaited a full slate of economic reports, including a gauge on U.S. consumer confidence and housing data. A number of Federal Reserve also were scheduled to make the rounds on Tuesday. 

Futures for the Dow Jones Industrial Average were down 18 points, or 30.26 points below fair value, to 16,822. Futures for the S&P 500 were off 3.75 points, or 4.86 points below fair value, to 1,949.25. Nasdaq futures were down 6 points, or 7.31 points below fair value, to 3,788.5.

Major indices ended mixed on Monday. U.S. stock markets had a quiet beginning to the week, fresh off a multi-day rally to record highs heading into last weekend.

European stock indices were mixed on Tuesday after eurozone markets pared losses triggered by disappointing business climate data from Germany. The data followed a largely positive day in Asia, where indices were buoyed by declining oil prices.

During the past few weeks speculation has increased that the bull market will end soon as the S&P 500 continued to hit successive all-time closing highs. But S&P Capital IQ's managing director of U.S. equity strategy, Sam Stovall, has data that may show otherwise.

He wrote that through June 20, this bull market recorded 67 all-time highs, representing 5% of all trading days. This percentage is slightly more than the average of 4% for cyclical bulls, but substantially less than the average of 9% for secular bulls, and below the average of 7% for all bull markets. This bull market's percentage of all-time highs is tied with the bull of 1970-1973 for sixth place.

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