GIS - Struggles Continue Futures Drag
Stock futures slipped Tuesday, whipsawing after an announcement from the Bank of Japan as traders fear a year-end rally may not come to fruition.
Futures for the Dow Jones Industrials crept up five points early Tuesday to 32,978.
Futures for the S&P 500 fell 6.25 points, or 0.2%, to 3,839.25.
Futures for the NASDAQ Composite subsided 51.25 points, or 0.4%, to 11,142.
A handful of big companies will report their quarterly results this week ahead of the Christmas holiday. General Mills will report before the bell Tuesday. Nike and FedEx are set to report after the bell.
In economic data, housing starts data for November are due Tuesday morning. This week promises lots of insight into the housing industry.
Sales data for existing homes and new homes will be released Wednesday and Friday, respectively.
November's personal consumption expenditures report, a preferred measure of inflation for the Fed, is due on Friday.
Other central banks in hawkish mode put further pressure on traders, with the European Central Bank raising rates and its outlook for further hikes last week. Overnight on Tuesday, the Bank of Japan moved to widen its cap on the 10-year Japanese government bond yield, catching traders around the world off guard.
In Japan, the Nikkei 225 stumbled 2.5% Tuesday, while in Hong Kong, the Hang Seng Index lost 1.3%.
Oil prices gained a dollar to $76.19 U.S. a barrel.
Gold prices jumped $15.50 to $1,813.20 U.S. an ounce.