* Euro hits 10-week low
* Home prices, consumer confidence data on tap
* Futures down: Dow 54 pts; S&P 7.6 pts, Nasdaq 14.75 pts
* For up-to-the-minute market news see []
(Updates prices, adds quote, byline)
By Rodrigo Campos
NEW YORK, Nov 30 (Reuters) - U.S. stock index futures were
lower on Tuesday as worries persisted over euro zone debt and
ahead of key data that will indicate the strength of the
recovery in the world's largest economy.
The euro slid to 10-week lows against the U.S. dollar,
pressuring metals and other commodity prices, after a weekend
rescue package for Ireland did little to stem fiscal concerns
and speculators targeted other debt-laden countries. For
details, see []
House prices and consumer confidence data will be in focus
as investors look for more signs the U.S. economic recovery
advances.
"The crisis of confidence in Europe can't be resolved
quickly. No single event can put things back in order," said
Rick Meckler, president of investment firm LibertyView Capital
Management in New York.
"The floor (in the euro) can only come with some success to
their recent steps, and investors are focused (on the
euro-equities correlation) right now. But at some point, the
economic recovery will be the dominant theme in the U.S. equity
markets," Meckler said.
The 30-day correlation between the euro and the S&P 500,
which reached a 2010 high of 0.94 in mid-October, has recently
bounced back after turning negative on Nov. 15. It now stands
at 0.24.
A higher number means the two are moving in the same
direction, and at 1, they are moving exactly in the same
direction in the last 30 days. In recent weeks, the euro and
U.S. stocks have been trading in sync with each other.
S&P 500 futures <SPc1> fell 7.6 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> dropped
54 points, and Nasdaq 100 futures <NDc1> lost 14.75 points.
Data due Tuesday is expected to show home prices fell in
September compared to August, while the year-on-year increase
is forecast to show a deceleration in price gains.
The S&P/Case-Shiller Home Price Indices, due at 9 a.m. EST
(1400 GMT), is expected to show a 1.1 percent rise from a year
ago, slower than the 1.7 percent gain the previous month.
The Conference Board's index of consumer confidence for
November, due at 10 a.m. (1500 GMT), is expected to show a mild
improvement, with economists forecasting a rise to 52.6, from
50.2 in October.
Swiss engineering group ABB <ABBN.VX> will buy U.S.
industrial motors firm Baldor Electric Co <BEZ.N> for $3.1
billion, a 41 percent premium to Baldor's closing price on
Monday. [].
Baldor shares gained 40.2 percent to $63.25 in premarket
trading.
U.S. stocks fell on Monday but finished well off their lows
of the day as the dollar retraced earlier gains and energy and
financial stocks rallied late in the session.
(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)
