US STOCKS-Wall St to open lower after weak German data

martes 7 de octubre de 2014 09:08 GYT
 

* Futures down: Dow 34 pts, S&P 3.5 pts, Nasdaq 6.25 pts (Updates prices, adds comment)

By Rodrigo Campos

NEW YORK Oct 7 (Reuters) - U.S. stocks were set to open slightly lower on Tuesday, pressured by a second straight day of weak data out of Germany, the euro zone's largest economy.

German industrial output for August slid 4 percent, the biggest fall in 5-1/2 years, a day after a report showed industrial orders had their biggest monthly drop since 2009.

Major U.S. equity indexes fell in a choppy session on Monday, with traders wary about the effects of both a strong dollar and economic weakness in Europe on corporate results.

A vacuum of market catalysts will only be filled when earnings start in earnest next week according to Jack De Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.

"There's not a lot to trade on until earnings. That leaves geopolitics in charge," he said, linking the weakness in German data to the conflict in eastern Ukraine and economic sanctions against Russia, a major business partner of Berlin.

"There is also concern foreign currency moves are going to impact earnings negatively," he said.

The U.S. dollar strengthened 0.3 percent against the euro on Tuesday, trading near two year highs hit on Friday, with the euro also weighed by the German data.   Continuación...