US stocks Futures flat as investors await Greece vote, data

NEW YORK: US stock index futures were mostly flat on Tuesday as investors were reluctant to make bets after a rally in the previous session and waited to see if the Greek parliament would adopt a deeply unpopular austerity plan.

Greek lawmakers will vote Wednesday and Thursday on the austerity measures, which must be passed in order to receive the next payment of its bailout.

If the government does not get the next tranche, analysts said Greece could default on its debt, sparking a Europe-wide crisis and potential credit market freeze similar to the Lehman Brothers collapse.

While traders see a default as unlikely, concerns over the region have contributed to S&P 500 losses of more than 6 percent since the start of May, while a gain of almost 1 percent in Monday's session could suggest limited upside from current levels.

The S&P/Case-Shiller April Home Price index will be released at 9 a.m. EDT (1300 GMT) and is seen falling 3.9 percent. Consumer confidence data and the US Richmond Fed manufacturing services index are also on tap at 10 a.m. EDT (1400 GMT) and could offer signs of growth momentum. Confidence is seen holding roughly steady from the previous month.

S&P 500 futures fell 2.4 points and were slightly 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 dropped 29 points, and Nasdaq 100 futures were off 3.25 points.

Microsoft Corp is making a big move into "cloud" computing this week. It is taking the wraps off a revamped online version of its hugely profitable Office software later in the day. Microsoft shares rose after hours.

Nike Inc reported fourth-quarter earnings that beat expectations late Monday, and orders suggested robust strength for the future.

French search engine company 1PlusV is suing Google Inc for $417.7 million, alleging the company used its market dominance to block the development of alternative services.

Wall Street rallied after three days of losses on Monday, led by bank stocks after news of more favorable capital requirements and optimism over Greece's austerity plan.

Copyright Reuters, 2011