Bears build big momentum
U.S. stock futures drop as dollar falls to record low against the euro Tuesday ahead of testimony from Fed Chairman Ben Bernanke and a wave of economic data and earnings releases from heavyweights including Johnson & Johnson as worries about financial-sector health proliferate.
S&P 500 futures dropped 10.1 points to 1,218.20 and Nasdaq 100 futures dropped 13.25 points to 1,789.25. Dow industrial futures fell 89 points.
U.S. stocks couldn't hold early gains on Monday as the financial sector took a beating after IndyMac was seized by federal regulators as the U.S. government prepared a plan to assist ailing mortgage giants Freddie Mac and Fannie Mae. The Dow industrials fell 45 points, the S&P 500 dropped 11 points and the Nasdaq Composite lost 26 points.
Bernanke will have the opportunity to tell the Senate Banking Committee about the decision to let Fannie and Freddie tap the discount window as well as his thoughts about the present state of financial markets. His testimony is due to start at 10 a.m. Eastern.
Outside of Bernanke, data will be released on retail sales, the Empire State index, wholesale prices and business inventories, and the Bank of Canada will make an interest-rate decision.
The euro briefly hit a record against the U.S. dollar before falling back below $1.60. The euro high came even after data showing German investor sentiment dropping to a record low.
Oil futures climbed $1.25 to $146.43 a barrel.
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