U.S. stock futures fall; eyes on housing data

* U.S. stock index futures pointed to a lower open on Wall
Street on Tuesday, with futures for the S&P 500 (SPc1: ) down 0.4
percent, Dow Jones (DJc1: ) futures down 0.3 percent and Nasdaq
100 (NDc1: ) futures down 0.4 percent at 0930 GMT.

* Stocks around the globe dropped on Tuesday, retreating for
the first time in two weeks as a cooler assessment of China’s
move to give its currency more flexibility prompted investors to
book recent lofty gains.

* European stocks were down 1 percent in morning trade, led
lower by banking shares such as Credit Agricole (CAGR.PA: ), down
5 percent on renewed concerns over the French lender’s
beleaguered Greek subsidiary Emporiki.

* Oil was down $1.05 percent to below $77 a barrel on
Tuesday on speculation that a gradual appreciation of the yuan
would have a limited impact on China’s petroleum imports in the
short term.

* On the macro side, the National Association of Realtors
(NAR) will release existing home sales for May at 1400 GMT,
while the Federal Housing Finance Agency will issue its home
price index for April, also at 1400 GMT. Also on radar screens,
the Federal Reserve Bank of Richmond’s June indexes on area
manufacturing and service sectors, due at 1400 GMT.

* Investors could remain cautious as the Federal Open Market
Committee (FOMC) begins a two-day meeting on interest rate
policy on Tuesday.

* Oil services companies went to court on Monday seeking to
overturn U.S. President Barack Obama’s six-month ban on
deepwater drilling in the Gulf of Mexico due to the worst oil
spill in U.S. history. U.S. District Court Judge Martin Feldman
said he would decide by Wednesday whether to temporarily lift
the ban while the case is heard. [ID:nN20211308]

* President Obama will warn health insurance industry
executives at a White House meeting on Tuesday against imposing
big rate increases ahead of tighter rules under the new U.S.
healthcare law, The New York Times reported.

* Drugmaker Pfizer Inc (PFE.N: ) is pulling a decade-old
leukaemia medicine off the U.S. market after a study found a
higher death rate and no benefit for patients.

* Intel (INTC.O: ) and the Federal Trade Commission filed
motions on Monday to suspend trial proceedings while they
negotiate a settlement of a lawsuit, in which the U.S. agency
has accused the company of abusing its market dominance.

* U.S. stocks (Read more about the stock market today. ) succumbed to late-day selling in light trading
on Monday as hope China’s newfound dedication to yuan
flexibility turned to doubt about the speed and magnitude of
Beijing’s intentions.

* The S&P 500 briefly broke above 1,130, the midpoint
between its 2010 high and low, and a key technical mark but was
unable to hold the level, adding to the negative sentiment. The
index had risen more than 8 percent over the past ten trading
days.

* The Dow Jones industrial average (.DJI: ) fell 8.23 points,
or 0.08 percent, at 10,442.41. The Standard & Poor’s 500 Index
(.SPX: ) was down 4.30 points, or 0.38 percent, at 1,113.21. The
Nasdaq Composite Index (.IXIC: ) was down 20.71 points, or 0.90
percent, at 2,289.09.

Stock Market

(Reporting by Blaise Robinson; editing by Karen Foster)

U.S. stock futures fall; eyes on housing data