European indexes and most major Asian markets fell and U.S. stock futures were about 0.5% weaker ahead of the open. German government bonds and gold were firmer as investors sought less riskier assets, and concern about the regional implications sent oil prices higher in Europe.
Investors were growing increasingly concerned that the U.S. and its allies were preparing military action against Syria, after the U.S. Secretary of State John Kerry said Monday that evidence "strongly indicates" that chemical weapons were used in Syria.
A spokesman for U.K. Prime Minister David Cameron told reporters Tuesday that the British military was making "contingency plans" for a strike on Syria. Kerry's comments sparked a downward move in the Dow Jones industrial Average and S&P 500 during the final hour of trading on Monday, and erased the modest gains in the Nasdaq, which closed flat.
All major European markets fell in morning trading as overseas investors fretted about how the U.S. will react to the Syrian situation. Germany's DAX and France's CAC 40 both fell by about 1.5%.
Looking ahead to daily economic data, the latest edition of the Case-Shiller 20-city home price index will be released at 9 a.m. ET Tuesday. Meanwhile, the Conference Board will publish its monthly report on consumer confidence at 10 a.m.
On the corporate side, jewelry giant Tiffany & Co (TIF) will release its latest quarterly results ahead of the opening bell.
Shares in struggling retailer J.C. Penney (JCP, Fortune 500) fell in after-hours trading Monday on the news that activist shareholder Bill Ackman is selling his entire stake of more than 39 million shares.
Asian markets ended with mixed results Tuesday. Both the Nikkei and Hong Kong's Hang Seng fell by as much as 0.7%, but the Shanghai Composite edged up by 0.3%.
In Australia, shares in surfwear maker Billabong plunged after it posted a huge loss and wrote off the entire value of its brand. To top of page
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