Stock Futures Down Before S&P/Case-Shiller Home Price Index

Weak data in Europe has caused stocks to edge lower this morning while the US dollar surges. The market is anticipating second-tier retail sales figures, consumer confidence numbers, and housing data today. Investors are also looking for further clarification from Fed chairman Ben Bernanke.

90 minutes before the opening bell, Dow futures are down 27 points to 10,347 and S&P 500 futures are off 3.00 points to 1,104.50. Commodities are also broadly weaker with WTI Crude oil trading $1.54 lower to $78.77 per barrel and Spot Gold down $3.07 to $1,111.18.

Meantime, The US$ index is up 21 basis points to 80.71.

Economists from BMO point out that the German Ifo Survey for February unexpectedly dropped, initiating a sell-off. “Though the expectations component edged higher, the coldest winter in over a decade weighed on retail sales and construction causing the index to decline for the first time in 11 months,” they wrote. “Elsewhere in Europe, French consumer spending fell 2.7% in January, much worse than expected.”

Key Events Today:

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