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Stock index futures indicated a weaker start for Wall Street on Tuesday after Federal Reserve Chairman Ben Bernanke said inflation risks remain to the upside, suggesting equity investors shouldn't look forward to a rate cut any time soon.
Futures added to losses following Bernanke's remarks. The Fed chief said the economy is set to grow at a sluggish pace in coming months but warned there were risks elevated levels of inflation, excluding food and energy, may not recede.
Among the latest in deals was a buyout of telephone equipment company Avaya Inc. (NYSE:AV - News) by private equity firms TPG Capital and Silver Lake for $8.2 billion, sending Avaya shares up about 2.3 percent to $17.10 before the opening bell.
S&P 500 futures were down 5 points, below fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Dow Jones industrial average futures fell 38 points, and Nasdaq 100 futures were down 6 points.
The Institute for Supply Management's nonmanufacturing index for May is scheduled for release at 10 a.m. The indicator is a key measure of the health of the vast U.S. services sector, which accounts for 80 percent of the economic activity. Economists forecast the index dipped to 55.3 in May from 56 in April.
Shares of Bed Bath & Beyond Inc. (NasdaqGS:BBBY - News) fell before the opening bell after the home goods retailer warned late on Monday that it sees first-quarter profit below Wall Street forecasts.
Bed Bath & Beyond shares fell 5.9 percent to $38.10 in electronic composite trading.
Published by Reuters

Labels: AV, BBBY, Ben Bernanke