Stock Market Today: Futures Edge Lower Awaiting Fresh Catalysts

NEW YORK (TheStreet) -- U.S. stock futures were edging lower Tuesday ahead of fresh U.S. factory orders and services sector data and earnings reports.

Bulls were searching for fresh catalysts that could help the S&P 500 sustain its recovery from the worst weekly drop in two years last week and push it to new highs. Correction chatter persisted after the VIX's double-digit spike last week.

Futures for the Dow Jones Industrial Average were off 20 points, or 35.28 points below fair value, to 16,466. S&P 500 futures were falling 3.75 points, or 4.94 points below fair value, to 1,928.25. Nasdaq futures were down 8.3 points, or 12.77 points below fair value, to 3,888.5. Major U.S. stock indices settled Monday higher as the markets returned to a state of complacency defined by expectations of extended Federal Reserve support.

June factory orders will be released at 10 a.m. EDT. A rebound of 0.6% is expected after a 0.5% decline in May. At the same time, the July composite index from the ISM non-manufacturing survey is forecast to rise to 56.3 from 56 in June. The final read on the Markit PMI services index for July will be released at 9:45 a.m. The initial "flash" estimate came in at 61, comfortably about the breakeven 50 mark.

A host of companies were in the spotlight Tuesday. Media and entertainment giant Walt Disney (DIS) is expected by analysts on Tuesday to report fiscal third-quarter earnings of $1.17 a share on revenue of $12.16 billion. Daily deals site Groupon (GRPN) is expected by analysts on Tuesday to report second-quarter earnings of 1 cent a share on revenue of $761.8 million.

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