Bloomberg News

U.S. Stock Futures Maintain Losses as Home-Price Index Declines

August 30, 2011

Aug. 30 (Bloomberg) -- U.S. stock futures maintained losses after an index of home prices in 20 U.S. cities dropped 4.5 percent in June from a year earlier.

Standard & Poor’s 500 Index futures expiring in September slipped 0.8 percent to 1,198.70 at 9:03 a.m. in New York. The benchmark gauge for American equities yesterday rose to the highest level since Aug. 3. Dow Jones Industrial Average futures lost 67 points, or 0.6 percent, to 11,450 today.

The S&P/Case-Shiller index of property values in 20 cities fell 4.5 percent from June 2010, after dropping 4.6 percent in the 12 months ended May, the group said today in New York. The median forecast of 31 economists surveyed by Bloomberg News projected a 4.6 percent drop.

A separate report today may show that a gauge of consumer confidence slid to 52 in August from 59.5 previously.

The S&P 500 has fallen as much as 18 percent from a three- year high on April 29 amid concern about a global economic slowdown. Gauges of financial, industrial and energy shares, which are most-tied to the economy, led the declines in the index, slumping at least 22 percent over that period.

To contact the editor responsible for this story: Jeff Sutherland at jsutherlan13@bloomberg.net


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