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U.S. stocks: Futures decline before confidence report
UPS, Merck results on tap
LONDON (MarketWatch) — U.S. stock futures indicated a slightly lower open for Wall Street Tuesday, ahead of reports expected to show some slowing in U.S. housing prices and confidence among U.S. consumers.

The market will also assess a round of quarterly results from the health sector, including Aetna Inc. and Merck & Co.

A snapshot of consumer confidence from the Conference Board is due at 10 a.m. Eastern . The reading is expected to fall to 85.0 in July, after a jump in June to the index’s highest level in six and a half years. Confidence still remains well below pre-recession levels.

On tap at 9 a.m. Eastern is the Case-Shiller home price index for May, and that’s likely to show the cost of buying a home has tapered off after a significant runup last year.

Data released Monday showed pending U.S. homes sales fell 1.1% in June, the first decline in four months. That report “confirmed Fed Chair Yellen’s remarks before the Senate Banking committee earlier this month about the overall slowdown in the housing sector,” wrote Marshall Gittler, head of global FX strategy at IronFX, on Tuesday.

Yellen and her fellow monetary policy makers will begin their two-day policy meeting Tuesday afternoon.

Ahead of the opening bell, health insurer Aetna AET +1.71% is expected to report second-quarter earnings of $1.59 a share on revenue of $13.99 billion.

Drug maker Merck & Co. MRK -0.31% is likely to post per-share earnings of 81 cents, on $10.6 billion in revenue.

Pharmaceutical company Pfizer Inc. PFE +0.10% is seen reporting earnings of 57 cents a share on $12.47 billion in revenue.

Logistics company United Parcel Service Inc. UPS -0.16% is forecast to report $1.25 a share in earnings on sales of $14.12 billion.

Investors will also keep watch for any update about further sanctions that may be imposed against Russia by the European Union related to its conflict with Ukraine.

After the regular session ends, Twitter Inc. TWTR +0.40% is slated to release second-quarter results. http://www.marketwatch.com/story/us-stocks-futures-decline-before-confidence-report-2014-07-29