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CNBC ON DIGG

Futures Pare Gains After Housing Report

Published: Tuesday, 18 Aug 2009 | 9:14 AM ET

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By: CNBC.com

Futures were higher Tuesday, after a sharp selloff on Monday, but pared gains after a disappointing housing report.

Dow 30: Extra-Hour Quotes

Pre-Markets/Futures Data

Housing starts fell 1 percent in July after an upwardly-revised 6.5-percent jump in June, but fell well short of expectations.

Meanwhile, a gauge of inflation fell more than expected: Producer prices dropped by 0.9 percent last month, compared with a 1.8-percent gain in June. Economists had expected a 0.3-percent drop.

The market has been buzzing with talk of a correction after the runup since the March lows, and that finally started to materialize Monday as stocks tumbled 2 percent. The question is, if this is in fact the start of a much larger correction, which some say could go to 10 percent, or if it was a one-day event. Based on activity in overseas markets and U.S. stock index futures, Monday's drop may be a one-day wonder, with all signs pointing to a rebound at the open.

Monday saw the biggest one-day drop for the Nasdaq since June 22, with the Dow and S&P 500 seeing their biggest single session losses since July 2.

Target [TGT Loading... () ] reported its eighth consecutive drop in quarterly profit but beat expectations.

And TJX [TJX Loading... () ], which operates TJ Maxx, Marshalls and Home Goods stores, reported its profit rose 31 percent as discount stores continued to lure shoppers. The results beat by a penny.

Dow component Hewlett-Packard [HPQ Loading... () ] and chip maker Analog Devices [ADI Loading... () ] report after the bell.

On Monday, Dow component Home Depot [HD Loading... () ] reported its profit fell but beat analysts’ expectations.

Shares of Home Depot rival Lowe's, [LOW Loading... () ] plunged 10 percent Monday after the home-improvement retailer reported its profit plunged 19 percent, much worse than estimates.