US STOCKS-Futures off as Japan GDP adds to global worries

* Japan GDP lags forecast

* NY Fed manufacturing, homebuilders index on tap

* Futures off: S&P 3.4 pts, Dow 16 pts, Nasdaq 3.25 pts

* For up-to-the-minute market news see [STXNEWS/US]

NEW YORK, Aug 16 (BestGrowthStock) – U.S. stock index futures edged
lower on Monday as weak growth in Japan added to worries about
the strength of the global economy that have sunk equity
markets in recent days.

* In the latest sign that the economic recovery may lag
expectations, Japan’s economy grew just 0.1 percent in the
second quarter, below forecasts. The Nikkei index closed down
0.6 percent, recovering from an early drop of as much as 1.7
percent. For details, see [ID:nTOE67901S]

* A number of datapoints will provide insight into the
strength on the U.S. economy. At 8:30 a.m. EDT (1230 GMT) the
New York Fed releases its Empire State Manufacturing Survey for
August, while at 10:00 EDT (14.00 GMT) the National Association
of Home Builders (NAHB) issues its housing market index for the
same month.

* Economists look for a Fed manufacturing reading of 8 for
August versus the prior reading of 5.08, while the NAHB index
is seen at 15 for August, versus 14 in July.

* Early Monday, home improvement chain Lowe’s Cos Inc
(LOW.N: ) reported quarterly profit and sales that missed
estimates as benefits from the homebuyer tax credit and cash
for appliances programs waned. [ID:nN16250437]

* Investors will also closely watch second-quarter results
from retailer Urban Outfitters Inc (URBN.O: ) amid concerns about
the strength of the consumer, while quarterly results are due
from Agilent Technologies Inc (A.N: ) and Sysco Corp (SYY.N: ).

* S&P 500 futures (SPc1: ) fell 3.4 points and were below
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures (DJc1: ) dipped 16
points, and Nasdaq 100 futures (NDc1: ) fell 3.25 points.

* Last week, U.S. stocks (Read more about the stock market today. ) closed out their worst performance
in six weeks on Friday as economic data gave little reason to
reverse a string of sell-offs.

* Bank of America Corp (BAC.N: ) is considering whether to
reduce its stake in asset manager BlackRock Inc (BLK.N: ), which
is viewed as a non-core asset, a source said.

* Oil rose above $75 a barrel, boosted by a weaker dollar,
but concerns about faltering economic recovery in some big oil
consuming nations capped gains.

* European shares slipped 0.5 percent after two straight
winning sessions, led lower by financials, following Japan’s
weak GDP.

* On Friday, the Dow Jones industrial average dropped 0.2
percent, the Standard & Poor’s 500 index fell 0.4 percent and
the Nasdaq Composite Index lost 0.8 percent.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)

US STOCKS-Futures off as Japan GDP adds to global worries