Futures Go Negative

Futures have turned negative following data that showed consumer prices surged in May and housing starts that fell more than expected.

Dow futures are down 41 points, S&P 500 futures are down 4 points, and Nasdaq futures are down 5 points.

In May, consumer prices climbed 0.4%, more than the 0.2% that had been expected. On a year-over-year basis, prices climbed 2.1%, and 2.0% excluding food and energy.

Housing starts in May fell 6.5% month-over-month, more than the 3.9% decline that was expected by economists.

The Federal Reserve is set to start its two-day FOMC meeting, which culminates in its latest monetary policy announcement tomorrow afternoon, followed by a press conference from Fed Chair Janet Yellen.

Earlier this morning, the U.K. reported inflation that fell to its lowest level since 2009 and housing prices that have accelerated to their fastest pace since the crisis.

Last night, President Obama said the U.S. is sending 275 troops to Iraq to "provide support and security for U.S. personnel and the U.S. Embassy in Baghdad."

The situation in Iraq remains unstable, but gold - considered a "safe haven" asset - is down more than 1% to morning lows.

Crude oil prices remain above $106 a barrel, but haven't moved much in the last few hours.

The situation in Ukraine is also on the mind of investors, after Kiev yesterday said Russia cut off all gas to the country.

Here's a look at what happened to S&P 500 futures after the two economic data points released at 8:30.