US Stock Futures Tiptoe Back From Records Ahead of Consumer Prices, Housing Data

New York (Aug 16)  Stock futures Tuesday tiptoed back from record highs set a day earlier as investors awaited fresh data on the U.S. economy in July.

S&P 500 futures were down 0.09%, Dow Jones Industrial Average futures fell 0.15%, and Nasdaq futures slipped 0.07%.
It was another record-making trifecta for Wall Street on Monday as stocks got a big boost from another rally in crude oil. The S&P 500 and Dow hit new records, breaking the highs seen last Thursday, while the Nasdaq added to records achieved on Friday. All-time intraday highs were also reached.

It's a busy day on the economic calendar with housing starts and building permits for July, consumer prices for July, and industrial production for July due for release before the bell.

Oil prices continued to move higher in day four of a rally inspired by hopes over an output freeze from major oil-producing countries. The Organization of Petroleum Exporting Countries is set to meet next month and in recent days members including Saudi Arabia and Russia have suggested a willingness to discuss a production freeze deal.

West Texas Intermediate crude oil, the U.S. benchmark, rose 0.6% to $46.01 a barrel on Tuesday morning.

BHP Billiton (BHP) added 4% in premarket trading despite reporting a massive annual loss, its worst ever, and slashing its dividend. The Australian miner reported a net loss of $6.39 billion, compared to profit of $1.91 billion a year earlier.

Source: TheStreet