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US STOCKS-Futures slip as investors pause after run-up

Aug 04, 2009 07:33AM ET
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* Futures dip as investors gauge rally's outlook

* Personal income data, pending home sales on tap

* For up-to-the-minute market news click STXNEWS/US

NEW YORK, Aug 4 (Reuters) - U.S. stock futures slipped on Tuesday as investors paused to gauge if the recent run-up will hold, while retreating oil prices looked set to weigh on energy shares.

* After U.S. stocks rallied to a nine-month closing high on Monday, investors awaited more definitive clues about economic recovery prospects, with U.S. June pending home sales and personal income data on tap.

* Additionally, some profit-taking was likely to set in, as in European markets, where banks weighed following a solid run up over the past few weeks.

* Stocks to watch include Pulte Homes Inc after the U.S. home builder reported a wider second-quarter loss after the close on Monday as fallout from the housing downturn persisted.

* CVS Caremark Corp, which runs its namesake drugstores and a major pharmacy benefits manager, reported a higher quarterly profit and raised its outlook before the bell.

* U.S. front-month crude prices dropped 1.4 percent, or $1, to $70.58 a barrel.

* June U.S. personal income and consumption data is scheduled for release at 8:30 a.m (1230 GMT), with a survey of economists by Reuters expecting consensus growth of 0.3 percent in consumption and a fall of 1.0 percent in personal income. Pending home sales data for June is due at 10 a.m. (1400 GMT), with a Reuters survey of economists forecasting a monthly rise of 0.6 percent.

* S&P 500 futures fell 7.40 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures shed 53 points, and Nasdaq 100 futures were down 13.50 points.

* Monday's run-up extended Wall Street's recovery from the 12-year lows of early March. Since then the benchmark S&P 500 index has risen 48.2 percent.

US STOCKS-Futures slip as investors pause after run-up
 

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