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Home Depot ( HD ) falls after cutting FY sales, profit targets
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U.S. PPI data due at 8:30 a.m. ET
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Futures: Dow down 0.3%, S&P 500 up 0.07%, Nasdaq up 0.17%
(Updated at 6:45 a.m. ET/1045 GMT)
By Shubham Batra and Shashwat Chauhan
Aug 13 (Reuters) -
U.S. stock index futures were mixed on Tuesday ahead of
producer prices data that will likely offer some clues on the
progress in the Federal Reserve's interest-rate path, while Home
Depot ( HD ) slid after the company cut its full-year profit forecast.
Stocks wobbled on Monday with the S&P 500 nearly flat
and the Nasdaq eking out modest gains, following a
turbulent week marked by mixed economic reports and a rate hike
by Japan's central bank.
Macro data will grab the spotlight before the opening bell
as the U.S. producer price index (PPI) reading is expected to
show that inflation moderated to 2.3% in July on a yearly basis,
while it remained unchanged at 0.2% for the month.
This will be followed by the all-important consumer price
(CPI) figures for July on Wednesday and retail sales data on
Thursday.
Traders continue to be evenly split between 25- and 50-basis
point interest rate cut by the Federal Reserve in September and
expect the year-end rate at 4.25%-4.50%, according to CME's
FedWatch Tool.
"One could argue that equity is still in recovery mode after
last week's shake out, and holding out from really putting money
to work until we get the key US data this week, where pricing
U.S. growth is still the main game in town," said Chris Weston,
head of research at Pepperstone.
Futures linked to the Dow came under pressure as
shares of Home Depot ( HD ) slipped 4.6% after the home
improvement chain forecast a decline in annual profit and a
bigger drop in its annual comparable sales. Rival Lowe's
also fell 3.1%.
At 06:45 a.m. ET, Dow E-minis were down 119 points, or
0.3%, S&P 500 E-minis were up 3.5 points, or 0.07%, and
Nasdaq 100 E-minis were up 32 points, or 0.17%.
Futures for the small-cap focused Russell 2000 index
slipped 0.4%.
Also, on investors' radar will be comments from Atlanta Fed
President Raphael Bostic, due at 1:15 p.m. ET, on the outlook
for the U.S. economy.
Wall Street's fear gauge, CBOE Volatility Index was
at 20.66 points after falling to 18.87 on Monday.
In premarket trading, chipmaker Nvidia ( NVDA ) led the
inclines for megacap and growth stocks with a 1.2% gain.
Roger Federer-backed On Holding beat analysts'
estimates for second-quarter revenue on strong demand from
customers looking for trendy products, but its shares fell over
8% after the company reiterated its annual sales forecast.
BuzzFeed ( BZFD ) rose 15.6% after the digital media company
narrowed its net loss in the second quarter to $6.6 million from
$22.5 million a year earlier.