Stock Market Today: Futures Mixed as Apple Gains, Home Depot Drops

NEW YORK (TheStreet) -- U.S. stock index futures were pointing to a mixed open on Wall Street Tuesday.

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Dow Jones Industrial Average futures were down 13 points, or 16.42 points below fair value, to 17,087. S&P 500 futures were down 1.25 points, or 1.19 points below fair value, to 1,999.25. Nasdaq futures were up 0.8 points, or 1.36 points below fair value, to 4,093.8. The S&P pulled back from record levels Monday after five weeks of gains that pushed the benchmark to its 33rd record close of the year.

In top company headlines, Apple (AAPL)   shares gained 0.76% to $99.10 in premarket trading, after a tough week for the stock last week. The anticipated release of the newest iPhone is expected at 1 p.m. EDT when the tech giant holds an event at the Flint Center for the Performing Arts, near its headquarters in Cupertino, Calif. Along with a new, larger iPhone and possibly a computerized watch, Apple also could announce Tuesday a mobile payments strategy following several reports the company is working with payments companies Visa (V) , Mastercard (MA) and American Express (AXP) .

Apple has outperformed the S&P 500 by 0.7% over six years based on its performance from past iPhone events to the release date of a new iPhone. But it underperformed by a sharp 7% last year -- the worst performance ever -- according to Brian White, an analyst at Cantor Fitzgerald.

Apple's stock historically has underperformed relative to the S&P 500 in the one-week, two-week and four-week periods after a new iPhone has been released, said the analyst. This time though, he expects a "new dynamic" with the potential for a new product category -- the iWatch --and a more favorable average selling price with a 5.5-inch iPhone 6.

Home Depot's (HD)  stock was down 0.63% to $90.25 after its confirmation on Monday that its payment systems were hacked in a data breach that could affect millions of shoppers who used credit and debit cards at its more than 2,000 stores in the U.S. and Canada.

McDonald's (MCD) fell 0.56% to $91.98 after reporting that global same-store sales decreased 3.7% in August, its results damaged by the recent food safety scare in China. 

General Mills (GIS) plans to buy Annie's (BNNY) , the organic food company known for its rabbit-shaped mac and cheese, for $820 million. Annie's surged 36.71% to $45.81.

No market-moving U.S. economic reports were expected on Tuesday.

European markets fell Tuesday amid geopolitical jitters after EU governments abruptly halted new sanctions against Russia to assess the latest Ukraine cease-fire.

The SPDR Gold Trust ETF (GLD) was up 0.1% to $120.85.

--By Andrea Tse in New York

Follow @AndreaTTse

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