Before the bell: S&P futures vs fair value: -15.0. Nasdaq futures -22.8.
Housing starts and building permits both slowed more than expected during July, but recently released industrial production data for July showed a 0.9% increase. The jump in industrial production not only exceeds the 0.4% increase that had been broadly anticipated, but also represents the strongest clip in nearly three years.
Stock futures are down sharply in response to aggressive selling in Europe, where many participants have reacted negatively to news that during the second quarter Germany's economy slowed to a growth rate of 0.1% while eurozone GDP slowed to 0.2% growth. That has made for a rather discouraging backdrop to a meeting between officials from Germany and France.