August 2, 2016 / 11:44 AM / 2 years ago

US STOCKS-Futures lower ahead of economic data

* Futures down: Dow 14 pts, S&P 3.25 pts, Nasdaq 4.75 pts

By Yashaswini Swamynathan

Aug 2 (Reuters) - U.S. stock index futures were slightly lower ahead of a set of economic data, including a report on consumer spending, and as investors assessed earnings from major companies.

* Oil edged higher on Tuesday after falling by up to 10 percent in just one week, but investors remained concerned about oversupply weighing on prices.

* Robert Kaplan, president of the Dallas Federal Reserve, warned that a raft of global risks such as the Brexit vote could affect the United States and reiterated his stand for a gradual rise in interest rates.

* Wall Street closed lower on Monday as a drop in oil prices dragged down energy stocks.

* European stocks fell to two-week lows on Tuesday, while the yen rose against the dollar and government bonds sold off after Japan’s cabinet approved a fiscal stimulus package to revive the flagging economy.

* A report on consumer spending is likely to show that consumption rose 0.3 percent in June, compared with a 0.4 percent rise in May. The data is due at 8:30 a.m. ET (1230 GMT).

* Auto manufacturers are due to release sales numbers for July. Total vehicle sales had fallen to 16.66 million in June from 17 million a year earlier, according to Autodata Corp.

* Pfizer’s shares rose 0.8 percent to $37.60 premarket after the largest U.S. drugmaker reported better-than-expected quarterly revenue and profit.

* PG reported a nearly 3 percent decline in quarterly sales, hurt by weak demand in its beauty business and a strong dollar. The company’s stock was down marginally at $86.30.

* Texas Roadhouse fell nearly 10 percent after the casual dining restaurant chain reported slowing comparable sales.

* Integrated Device dropped 16.2 percent to $18.60 after the chip component maker reported quarterly profit in line with estimates.

* AIG and Electronic Arts are expected to report results after the bell.

Futures snapshot at 7:04 a.m. ET:

* Dow e-minis were down 14 points, or 0.08 percent, with 21,830 contracts changing hands.

* S&P 500 e-minis were down 3.25 points, or 0.15 percent, with 167,793 contracts traded.

* Nasdaq 100 e-minis were down 4.75 points, or 0.1 percent, on volume of 20,241 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D’Silva)

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