U.S. stock index futures drifted lower Tuesday, undercut by global growth fears in the wake of disappointing Chinese and German data as investors await fresh U.S. housing figures and another heavy round of corporate earnings.

Apple Inc. (AAPL) reports after the closing bell. Shares of video-streaming and rental service Netflix Inc. (NFLX) will be in focus after soaring in after-hours action Monday on the back of earnings that beat expectations.

Futures on the Dow Jones Industrial Average fell 34 points, or 0.2%, to 14465, while S&P 500 index futures lost 5 points, or 0.3%, to 1550.90. Nasdaq 100 futures dropped 7 points, or 0.3%, to 2790.25.

"Global economic data have continued to disappoint this week and sentiment remains fragile," wrote strategists at Barclays.

Weak April purchasing managers' index readings out of China and Germany helped pulled futures lower, though European equities held on to gains on rising expectations for a rate cut by the European Central Bank.

Germany's April composite PMI reading fell to 48.8 from a reading of 50.6 in March. A reading of 50 indicates contraction. The preliminary data shows the euro zone's primary growth engine is sputtering, raising doubts about prospects for the recession-racked euro-zone economy to return to growth later this year.

The preliminary euro-zone April composite PMI reading came in unchanged at 46.5. The level was just a bit above forecasts for a reading of 46.4, but still underlined concerns the recession will intensify in coming months, said Chris Williamson, chief economist at Markit, the data firm that compiles the European PMI readings.

The German reading sent the euro below the $1.30 level versus the dollar.

Earlier, HSBC's "flash" manufacturing PMI for China fell to a two-month low of 50.5 from a March reading of 51.6.

Closer to home for U.S. investors, data is expected to show that sales of new single-family homes rose to an annual rate of 421,000 in March from 411,000 in February, according to a MarketWatch survey of economists. The report is due at 10 a.m. EDT.

New-home sales are up about 12% over the past 12 months, but remain below a bubble peak rate of almost 1.4 million in 2005. Other data on tap Tuesday include the Federal Housing Finance Agency's home-price index for February and Markit's "flash" U.S. PMI for April--both set for release at 9 a.m. EDT.

U.S. stocks climbed Monday, shrugging off weaker-than-expected data on existing home sales as investors looked ahead to technology-sector earnings.

Shares of Netflix surged to top the $200 level in after-hours action Monday after the company's results topped Wall Street projections.

Apple will be in the spotlight when it reports after the closing bell, with shares having dropped more than 30% over the past 12 months after falling prey to a steady drumbeat of warnings over slower iPhone sales.

Other high-profile results are scheduled Tuesday from Yum Brands Inc. (YUM), AT& T Inc. (T), Amgen Inc. (AMGN), and E.I. du Pont de Nemours and Co. (DD)

Write to William L. Watts at BWatts@marketwatch.com

HOT STOCKS TO WATCH

Among the companies with shares expected to actively trade in Tuesday's session are are Netflix Inc. (NFLX), Rent-A-Center Inc. (RCII), Veeco Instruments Inc. (VECO)

Netflix swung to a first-quarter profit as the movie-subscription company continued to add Internet subscribers and unveiled a plan that will allow users to simultaneously stream four videos. Shares jumped 25% after hours to $217.40 as per-share earnings topped the company's expectations.

Rent-A-Center's first-quarter profit fell 11% as core U.S. revenue declined at the provider of rent-to-own home merchandise. Shares slipped 6.6% to $33.55 in after-hours trading as the company also cut its full-year guidance.

Veeco Instruments said first-quarter business conditions were "extremely challenging" as system shipments and bookings continued to slide. But the LED supplier's shares rose 7.8% after hours to $34.75 as it forecast meaningfully higher bookings in the current quarter.

Illumina Inc. (ILMN) swung to a first-quarter loss on litigation-related charges that masked the gene-sequencing company's double-digit revenue growth. Shares were up 7.3% at $59.12 in after-hours trading as adjusted earnings and revenue topped expectations.

IBio Inc. (IBIO) said it plans to offer an undisclosed number of common stock and warrants. The biotechnology company, which had 47.8 million shares outstanding as of Feb. 19, plans to use proceeds for working capital, business development and other general corporate purposes. Shares slipped 2.2% to 47 cents after hours.

Swift Transportation Co.'s (SWFT) first-quarter earnings soared from a year earlier as the trucking company recorded a smaller loss on debt extinguishment and improved revenue in each of its operating segments. Shares jumped 6.8% to $14.49 in recent after-hours trading as adjusted earnings topped analyst expectations.

Watchlist:

ACE Ltd.'s (ACE) first-quarter earnings fell 2.1% as the global insurer posted weaker realized gains. However, per-share earnings significantly topped analysts' expectations.

Ameriprise Financial Inc.'s (AMP) first-quarter earnings rose 37% as the financial-services provider's wealth-management business reported strong inflows.

Blackstone Group (BX) said it will acquire Credit Suisse's (CS) secondary private-equity business that was put up for sale at the end of last year partly due to guidelines set by the Volcker Rule. Terms of the deal weren't disclosed.

Crane Co.'s (CR) first-quarter climbed 12% as the diversified manufacturer's operating margin improved, though revenue slipped.

ICU Medical Inc.'s (ICUI) first-quarter earnings rose 14% as the medical-products company's stronger margins offset lower revenue that was driven by declines at its infusion and oncology segments.

K12 Inc. (LRN) said Chief Financial Officer Harry T. Hawks plans to leave the online education company by the end of the fiscal year, after three years at the company.

Noble Energy Inc.'s (NBL) board has approved a two-for-one stock split as well as a 12% quarterly dividend increase, as the oil-and-gas explorer looks to boost shareholder value.

Packaging Corp. of America's (PKG) first-quarter profit more than tripled as the box maker posted higher containerboard and corrugated products prices and mix, resulting in record overall sales.

STMicroelectronics N.V.'s (STM, STM.MI, STM.FR) first-quarter loss narrowed, as the chipmaker pushed to offset heavy losses from its soon-to-be discontinued cellphone chip venture with Sweden's Ericsson.

Texas Instruments Inc. (TXN) continued a shift away from some mobile-chip markets in the first quarter, putting a squeeze on revenue while profits rose 37% on a one-time gain.

Volterra Semiconductor Corp.'s (VLTR) first-quarter profit fell 51% as the chip manufacturer recorded weaker margins.

Moody's Investors Service has upgraded Weyerhaeuser Co.'s (WY) credit rating by one notch, citing the forest-products company's improving operating and financial performance amid a pickup in U.S. housing activity.

Zions Bancorp's (ZION) first-quarter earnings rose 24% as the Utah-based regional lender continued to benefit from improving credit quality.

Write to Nathalie Tadena at nathalie.tadena@dowjones.com

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