MARKET SNAPSHOT: U.S. Stocks: Futures Choppy Before Confidence Report

By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- U.S. stock futures indicated a choppy 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.

Futures for the Dow Jones Industrial Average (DJU4) inched up 9 points to 16,925, while those for the S&P 500 index (SPU4) reversed a slight loss for a gain of 10 points at 1,973.50. The Nasdaq 100 index (NDU4) moved up 4 points to 3,964. (Read more in Need to Know for Tuesday: Why short sellers are winners for 2014 so far http://blogs.marketwatch.com/need-to-know/2014/07/29/why-short-sellers-are-winning-right-now-and-going-big-against-ackmans-deathblow/.).

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, shares of Aetna (AET) gained nearly 5% after the health insurer raised its 2014 operating earnings projection based on improvement in second-quarter results from the year-earlier period.

Also due to report, drug maker Merck & Co. (MRK) is seen posting per-share earnings of 81 cents, on $10.6 billion in revenue.

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

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

Stock in Herbalife Ltd. (HLF) fell 11% ahead of the open, extending losses from late Monday when the nutritional supplements marketer posted quarterly results that missed Wall Street's targets.

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) is slated to release second-quarter results.

In Asia, most major stock markets ended higher, with Japan's Nikkei Average up 0.6%. In Europe, the U.K.'s FTSE 100 edged higher on upbeat earnings reports.

Oil prices (CLU4) turned slightly lower, while gold (GCU4) rose nearly $5. The U.S. dollar index (DXY), which measures the greenback against a basket of six other currencies, rose to 81.046 from 81.025 on Monday.

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