Stock futures point to lower open on economic malaise

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NEW YORK (Reuters) - Stock index futures pointed to a lower open on Monday as investors assessed the potential strength of an economic recovery ahead of a round of key data this week.
Energy shares could come under pressure as oil fell below $69 a barrel as the dollar strengthened.
Investors were cautious ahead of a Federal Reserve meeting this week, bracing for Fed guidance on growth and any hints on expanding the central bank's $300 billion program of Treasuries purchases. Housing and gross domestic product data are also expected this week.
The market also fretted about the Treasury's record $104 billion worth of bond auctions scheduled this week to finance massive spending aimed at reviving the world's biggest economy.
S&P 500 futures fell 7.60 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 slid 50 points, and Nasdaq 100 futures lost 9 points.
"The enthusiasm for a 'V-shaped' recovery has been tempered by the realization that there remains systemic risk in the economy," said Andre Bakhos, president of Princeton Financial Group in Princeton, New Jersey.
"The market this morning is continuing recent apprehension about such economic optimism."
Adding to the caution, the World Bank said Monday that prospects for the global economy remain "unusually uncertain" as it cut 2009 growth forecasts for most economies.
After a sharp three-month rally, indexes eased last week as traders increasingly questioned if stocks are due for a correction. Worries the economic recovery could be tepid have dented optimism that drove the S&P 500 up by as much as 40 percent from March's 12-year low.
On Friday, the S&P 500 and Nasdaq rose as positive broker comments on Microsoft boosted technology shares, but the major averages lost ground for the week for the first time in five weeks.
Shares of Apple Inc (AAPL.O) could be pressured after a weekend report that Chief Executive Steve Jobs had a liver transplant about two months ago but is expected to return to work later this month. Shares of Apple were down 1 percent at $138.11.
(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)

Source: Reuters