US STOCKS-Futures dip before key data, Fed meeting this week

Mon Jul 29, 2013 8:09am EDT
 
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* Perrigo to buy Elan, Lord & Taylor's parent to acquire Saks

* Pending-home sales data due

* Futures off: Dow 26 pts, S&P 3.9 pts, Nasdaq 6.75 pts

NEW YORK, July 29 (Reuters) - U.S. stock index futures dipped on Monday as a week packed with data and central bank meetings gets under way, with the S&P 500 just 0.2 percent below its record close set a week ago.

* Investors will focus on Wednesday's statement from the Federal Reserve for clarity on when the Fed will begin to wind down its stimulus. The European Central Bank and the Bank of England will also meet this week.

* Data on the housing and industry sectors are scheduled in the first half of the week, followed by gross domestic product for the second quarter on Wednesday and the key payrolls report expected on Friday. The National Association of Realtors issues pending home sales for June at 10 a.m. (1400 GMT) on Monday.

* Merger activity could give equities some support as big deals show that large investors see value in the market. On Monday, U.S. drugmaker Perrigo agreed to buy Elan for $8.6 billion. U.S.-traded Elan shares jumped 8 percent to $16.17 in premarket trading.

* Hudson's Bay Co, operator of department store chains Lord & Taylor in the United States and The Bay in Canada, said it would buy luxury retailer Saks Inc for $16 per share. Saks shares rose 3.9 percent to $15.91 in premarket trading.

* S&P 500 futures fell 3.9 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 26 points, and Nasdaq 100 futures lost 6.75 points.   Continued...