U.S. stock futures drifted lower Tuesday ahead of several economic reports scheduled for this morning. If dealmaking and mergers gave the Street a break from recent economic concerns and fueled a rally Monday that helped end a three-day retreat and sent the Dow Jones industrials stocks 124 points higher, this morning investors concerns over consumer spending and the housing market have been rekindled ahead of readings on consumer sentiment and housing.At 9:00 a.m. Eastern, ahead of the opening bell, both economic data points are due out. Economists expect the S&P/Case-Shiller housing-price index fell 14.2 percent in July from a year earlier, the least in 17 months, according to Bloomberg News. At the same time, economists expect the Conference Board's September consumer sentiment rose to 57, according to Briefing.com -- the highest level in a year. Both are signs the recession is abating.
Correction: Consumer confidence is due out at 10:00 a.m.
[Update: Futures changed direction after the housing index fell less than forecast, a sign the housing slump that led to the worst recession in seven decades is abating.]
Overseas, Asian stocks bounced back following Monday's big gains in Europe and the U.S. European stock markets fell modestly Tuesday, taking a breather after the previous day's rally. Oil prices hovered near $67 a barrel Tuesday and the dollar rose against the yen.
Meanwhile, the FDIC, looking to shore up the diminishing fund that insures bank deposits, may take the unprecedented step of requiring banks to prepay three years' worth of premiums: about $36 billion.
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