(menafn – ecpulse)
Manufacturing conditions in the world's largest economy slowed in April and spending on all types of construction rebounded for the first time in 2012, two separate reports may show after markets start a seemingly light trading day.
The Institute for Supply Management's factory index probably fell to 53.0 in April from 53.4 registered the month ago. The ISM survey more than 300 manufacturing firms on employment, production mew orders, supplier deliveries and inventories.
Construction spending in the U.S. is due at 10:00 a.m. EST today and expected to show a 0.4 percent gain compared to 1.1 percent decline the month ago. A gain in March would be the first this year, following a 1.1 percent decrease in February and a 0.8 percent decrease in January.
Growth concerns are already spread across the financial markets with yesterday's data disappointments as Spain fell back into recession in the last quarter and business activity in the U.S. grew at the slowest pace since November 2009, halting yesterday a four-month gain for the Standard & Poor's 500 Index.
U.S. Stock futures slipped in early trading in New York ahead of the two reports. As of 06:33 a.m. EST, Dow Jones Industrial Average Futures expiring June 12 fell 21 points to 13,152 levels, while Standard & Poor's 500 Index futures dropped 2 points to 1,392 levels.
Earnings are starting to impress traders and somehow outweighing negative data from the U.S. economy. Tuesday will bring cosmetics and jewelry gift seller Avon Products Inc, Health care and safety products maker Becton Dickinson & Co, with electrical products maker Emerson Electric Co.
Pfizer Inc lost 0.66 percent to 22.75 in premarket trading on Tuesday even as the global pharmaceutical company said first-quarter revenue decreased 7 percent to 15.4 billion, still earnings per diluted share were 58 cents, up from 56-cent profit analysts called for.