* NAHB homebuilder index on tap
* AMD shares drop as CFO to leave
* Futures down: Dow 28 pts, S&P 2.8 pts, Nasdaq 5.25 pts
By Edward Krudy
New York, Sept 18 (Reuters) - U.S. stock index futures
retreated for a second day on Tuesday, suggesting stocks would
continue to ease from multi-year highs as investors looked to
upcoming economic data to help extend the central bank stimulus
U.S. stocks have rallied 7 percent since early August,
propelling the S&P 500 index to the highest in nearly five years
on central bank stimulus in Europe and the United States. But
analysts say that for the rally to continue economic data needs
"The market may already have 'prepaid' for the QE3 easing
announcement," said Goldman Sachs in a research note. "For the
equity market moves to extend, an improvement in the macro data
will now need to show up."
The NAHB Housing Market Index at 10 a.m. (1400 GMT) is
expected to be little changed in September after unexpectedly
gaining in the previous two months. However, at 37 on the index
sentiment remains well below the 50s to 70s seen in the 1990s
Advanced Micro Devices Inc shares fell 4.5 percent
in premarket trade. The firm said Chief Financial Officer Thomas
Seifert was leaving the struggling personal computer chipmaker
to pursue other opportunities.
S&P 500 futures fell 2.8 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 28
points, and Nasdaq 100 futures lost 5.25 points.
Weakness in commodity markets looked set to weigh on related
stocks. Copper fell for a second day after a rally triggered
last week by the U.S. Federal Reserve's new stimulus efforts ran
out of steam and investors booked profits. Shares in Freeport
McMoRan Copper & Gold fell 1 percent on light volume.
European shares and the euro fell on Tuesday as investors
turned their attention from central bank stimulus to slowing
global growth and uncertainty about Spain's desire for an
international aid package.
Dole Food Company Inc will sell two businesses to
Itochu Corp for $1.7 billion in cash - a deal that will
help the world's largest fruit and vegetable producer pay down
its heavy debt load while expanding Itochu's food presence in
new markets such as China.
Time Warner Cable Inc has put a process in motion to
sell its stake in wireless service provider Clearwire Corp
, according to a regulatory filing.
A U.S. regulation that limits how much of its own capital a
bank can put at risk is causing headaches for Morgan Stanley
as it prepares to raise a new multibillion-dollar global
infrastructure fund, people familiar with the situation said.
European car sales fell 8.5 percent in August for an 11th
straight monthly decline, led by Ford, General Motors
and Fiat and mid-market brands bore the brunt of
the slump in markets including Italy, France and Germany.
U.S. stocks fell on Monday in light trading after a rally
that drove the S&P 500 last week to its highest level in nearly
five years and as falling oil prices hit energy shares.