* Futures lower ahead of data
* Exelon, 3M continue deal-making
* Futures off: Dow 32 pts, S&P 3.7 pts, Nasdaq 9.75 pts
* For up-to-the-minute market news see []
(Adds details of 3M deal)
By Chuck Mikolajczak
NEW YORK, Aug 31 (Reuters) - U.S. stock index futures were
lower on Tuesday as investors awaited data on housing and
consumer confidence to gauge the pace of the economy recovery.
U.S. home prices likely eked out a small gain in June, but
a rise would represent the final tail winds of the homebuyer
tax credit that ended in April rather than housing market
improvement.
The Standard & Poor's/Case-Shiller 20-city composite home
price index likely rose 0.2 percent in June after a 0.5 percent
increase in May, seasonally adjusted, according to a Reuters
survey of economists. The data comes at 9 a.m. EDT (1300 GMT)
For details, see []
At 10 a.m. EDT. (1400 GMT), the Conference Board's consumer
confidence index is seen edging up to 50.5 in August from 50.4
in July, which was the lowest reading since February.
Later Tuesday, the Federal Reserve releases minutes from
its Aug. 10 policy meeting, where it endorsed a more dovish
monetary posture, citing a willingness to "reinvest" in
monetary accommodation. Last week Fed Chairman Ben Bernanke
said in a speech the recovery had weakened more than expected.
"We have a slew of economic data. Several things the market
will be looking at very carefully are consumer confidence, the
FOMC minutes, Case-Shiller and Chicago PMI," said Peter
Cardillo, chief market economist at Avalon Partners in New
York.
"It is just a very nervous market and going into September
certainly doesn't help. Traditionally September is a weak month
for stocks."
S&P 500 futures <SPc1> were down 3.7 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 <DJc1> slipped
32 points, and Nasdaq 100 futures <NDc1> lost 9.75 points.
Deere & Co <DE.N> said it would sell its wind energy
business to an Exelon Corp <EXC.N> subsidiary for about $900
million. []
3M Co <MMM.N> said it would acquire Israel-based Attenti
Holdings SA, which supplies remote people monitoring
technologies, for about $230 million, the conglomerate's second
acquisition in as many days. []
European stocks were down 1 percent at midday and on track
to record their sixth monthly loss this year, as investors
fretted about the health of the U.S. economy ahead of key data.
[]
Japan-led Asian stocks dropped Tuesday as worries about the
flagging U.S. economy triggered profit-taking across the region
and fed a five-month rally in U.S. and Japanese government
bonds. The Nikkei index closed down 3.6 percent.
[]
U.S. stocks declined Monday in the year's lightest volume
as worries about the pace of the recovery overshadowed data
showing a rise in consumer spending and income.
(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)
