Futures Lower Despite Case-Shiller Report
U.S. stock index futures held their losses Tuesday despite a better-than-expected S&P Case-Shiller home price report, as investors remained cautious ahead of Fed Chairman Ben Bernanke's speech later this week.
On the economic front, home prices rose in June for the fifth month in a row, with the the S&P/Case Shiller composite index climbing 0.9 percent. Economists had expected a reading of 0.5 percent.
Market cues are mixed with European stocks trading lower on worries about slowing growth after Spain's GDP contracted by a larger than expected amount. Oil prices were also trading higher as Tropical storm Isaac was on the verge of becoming a hurricane.
The storm triggered evacuation orders in some areas and disrupted offshore oil production as it threatened to make landfall between Florida and Louisiana as a Category 2 hurricane.
Investors will be looking ahead to Fed Chairman Ben Bernanke speech later this week at the St. Louis Fed’s annual symposium in Wyoming for hints of further easing. However, some economists doubt the speech will reveal any new details of policy plans.
Meanwhile, ECB President Mario Draghi said he will not be present at the Jackson Hole meeting due to a "very heavy workload." ECB policymakers have been working on a new bond-buying program to tackle the region's ongoing sovereign debt crisis ahead of a critical meeting on September 6.
Gilead Sciences edged higher after the FDA approved the biotechnology company's four-drug combination treatment for HIV. The drug will be sold under the name Stribild.
Apple gained to close yesterday at an all-time high after the iPhone maker won a $1.05-billion patent lawsuit against rival Samsung.
Meanwhile, consumer confidence will be reported at 10 am ET.
The government is scheduled to auction $35 billion in 2-year notes with the results available shortly after 1pm ET.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
Coming Up This Week:
TUESDAY: Consumer confidence, Richmond Fed mfg index, 2-yr note auction
WEDNESDAY: Weekly mortgage apps, GDP, corporate profits, pending home sales, oil inventories, 5-yr note auction, Beige Book; Earnings from Heinz, Pandora, TiVo
THURSDAY: Jobless claims, personal income & spending, 7-yr note auction, chain-store sales; Earnings from Zumiez
FRIDAY: Chicago PMI, consumer sentiment, factory orders, farm prices, Bernanke's Jackson Hole speech
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