US pre-open: Stocks set for flat start ahead of fresh economic data
Stock market futures were pointing to a flattish to slightly negative start to trading on Wall Street as investors mulled recent weak economic data and their implications for US central bank policy and company earnings.
As of 1119 BST, futures tracking the Dow Jones Industrials were off by 26.0 points to 33,847.0, alongside a 28.25 point decline for those linked to the Nasdaq-100 to 13,653.0.
In parallel, front-dated West Texas Intermediate crude oil futures were dipping 0.55% to $88.8 a barrel on the ICE, as investors weighed recession risks and - possibly - the impact of a new deal on Iran's nuclear programme.
The US dollar was a tad higher alongside, adding 0.29% to 106.86.
Despite the caution in the air, BofASecurities equity strategist, Michael Hartnett, judged that there would be no immediate reversal of the current bear market rally, although he recommended "fading" the S&P 500 above 4,328.
Hartnett was speaking following the release of the investment bank's monthly fund manager survey, which revealed that while cash levels had declined from 6.1% in July to 5.7%, they remained "very high".
Against that backdrop, at 1330 BST the Department of Commerce was set to release figures on US housing starts (consensus: 1.54m) and permits for July, followed by industrial production data for that same month at 1415 BST.