S&P 500 futures vs fair value

S&P 500 futures vs fair value: -6.60 at 1143,40. Futures remain in negative territory after a batch of data was released. Housing starts report showed mixed results. Though the multi-family component roared at a 69.8% pace after a 38% drop the previous reading, single-family starts disappointed, down 6.9%.

Meanwhile producer price index, PPI, came in-line with the expectations, up 0.2%. Considering the sharp increase in the month before, core PPI inflation eased, showing a sharp slowdown in December. The participants, however, reacted to the data almost none at all.

It is 9 am and stock futures are pulling a bit higher from their early losses. S&P 500 is still pointing to a lower start.

Banc of America, BAC, posts a net loss of $5.2 billion of the fourth-quarter, 60 cents a share. Analysts were expecting a 52 cents loss. According to spokesman from BAC, though the investment banking units are doing very well, weak housing market and unemployment drag the consumer lending units profits down.