Stock Futures Little Changed Ahead of Factory Orders
NEW YORK ( TheStreet) -- Stock futures were little changed Tuesday as international markets weakened ahead of data on U.S. auto sales and factory orders.
Futures for the S&P 500 were dipping 0.25 points, or 1.96 points below fair value, to 1,606.5. Futures for the Dow Jones Industrial Average were falling 6 points, or 16.96 points below fair value, to 14,876. Futures for the Nasdaq were trading sideways at 2,920.75.
Major U.S. stock markets rose Monday to start the second half of 2013 as investors embraced reports showing manufacturing and spending growth across developed economies.
Although stocks finished the first half of 2013 up by double digits, Russ Koesterich, global chief investment strategist at BlackRock in New York, said in a client note that stocks still have more room to run in the second half as valuations remain attractive.
"For the remainder of the year we continue to emphasize large and mega-cap U.S. stocks and we would suggest a focus on select cyclical sectors, namely energy and technology," he wrote.
Automakers such as Ford
At 10 a.m. EDT Tuesday, the Census Bureau is expected to report that factory orders increased 2% in May after rising 1% in April.
Then at 12:30 p.m., New York Federal Reserve Bank President William Dudley is scheduled to speak about economic conditions in Stamford, Conn.
In other corporate headlines, Zynga
Mattrick served as the president of Microsoft's entertainment business, which includes the Xbox, since 2010.
The FTSE 100 in London was slipping 0.57%, while the DAX in Germany was declining 1.28%. The Hong Kong Hang Seng settled down 0.7% and the Nikkei 225 in Japan closed up 1.78% amid a weaker yen.