US Index Futures Drop after Disappointing NY Manufacturing Report

U.S. stock-index futures fell, indicating the Standard & Poor’s 500 Index may halt last week’s advance, as manufacturing in the New York area fell in August.

S&P 500 E-mini contracts expiring in September lost 0.4 percent to 2,082 at 8:34 a.m. in New York.

The S&P 500 gained 0.7 percent last week, with the benchmark index erasing its gain for the year before staging the biggest intraday turnaround in three years. The S&P 500 has been trading in the tightest trading range in nine decades.

Data today showed an index of manufacturing in the New York region dropped to minus 14.92, missing economists’ estimates of positive 4.5.

Investors are watching economic reports to gauge the economy’s health. The Federal Reserve releases minutes from its July meeting on Aug. 19, with market expectations of a September rate hike rising from a week before to about 50-50.


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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell