U.S. Stock Futures Slip as Empire Fed Trails Estimates
U.S. stock-index futures maintained losses after a report showed manufacturing in the New York area shrank more than forecast
Futures on the Standard & Poor’s 500 Index expiring in December lost 0.3 percent to 1,455.2 at 8:31 a.m. in New York.
The Federal Reserve Bank of New York’s general economic index dropped to minus 10.41, the lowest since April 2009, from minus 5.85 in August. The median forecast of 53 economists in a Bloomberg survey called for minus 2. Readings less than zero signal contraction in the so-called Empire State Index that covers New York, northern New Jersey and southern Connecticut.
U.S. stocks have advanced for two straight weeks, sending the S&P 500 to the highest level since 2007, as the Federal Reserve’s plan to buy mortgage securities fueled demand for riskier assets.
Commodity, financial and industrial shares had the biggest gains last week among 10 groups in the S&P 500. U.S. Steel Corp. and Caterpillar Inc. climbed at least 5.7 percent during the week. Bank of America Corp. increased 8.5 percent as a German court cleared the way for Europe’s bailout fund. Apple Inc. rose 1.6 percent to a record after introducing a new version of the iPhone.
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