By Barbara Kollmeyer, MarketWatch European PMI data was weakest in 16 months

MADRID (MarketWatch) -- Stock futures headed lower Thursday after a batch of weak economic indicators from Europe and China, with the U.S. also set for a big day of data on manufacturing, consumer prices and existing-home sales.

Futures for the Dow Jones Industrial Average (DJZ4) fell 64 points, or 0.4%, to 17,593, while those for the S&P 500 (SPZ4) dropped 7.3 points, or 0.4%, to 2,039.90. Futures for the Nasdaq-100 index (NDZ4) slid 15.5 points, or 0.4%, to 4,208.50.

Markit reported that the flash November reading for the composite purchasing managers index in the eurozone dropped to 51.4, its lowest level in 16 months. After the release, European stocks tumbled, as did the euro (EURUSD) versus the dollar.

The data confirms that the eurozone is still in rough shape. Germany's own November preliminary manufacturing survey came in at 50.0, versus an expected 51.5. Stock futures were also dealing with weakness in a similar gauge out of China, which showed factory activity declined in November, after gaining in the prior month. PMI data out of Japan was also weak.

The S&P 500 index (SPX) snapped a four-day run on Wednesday, closing 3.1 points to 2,048.72, while the Dow industrials (DJI) ended down a couple of points, but still managed its second-highest close in history at 17,685.73. The Federal Reserve minutes revealed scant detail about the central bank's policy plans.

Goldman's call for S&P 500 and data on tap: The investment bank said in its equity outlook for 2015 that the S&P 500 should rise to 2,100 by the end of that year, making for a "modest" 5% total return. It added that the market reaction to the first Federal Reserve rate hike in six years should be "benign."

But Goldman also said 2015 will be challenging for active equity managers, with low volatility continuing to be a theme. The S&P 500 will rise to 2,150 by mid-year, but then slip during the second half, it forecast.

At 8:30 a.m. Eastern Time, readings on weekly jobless claims and October consumer prices are out. Plunging gasoline costs are expected to trigger a 0.1% drop in the CPI index, said economists polled by MarketWatch. Read data preview

(Also see: Consumer spending to benefit from gas that is cheaper than milk http://www.marketwatch.com/story/consumer-spending-to-benefit-from-gas-thats-cheaper-than-milk-2014-11-19.)

At 10 a.m. Eastern Time, the Philadelphia Fed's survey of manufacturers for November should offer evidence on whether a weaker global economy is dampening exports. At the same time, existing-home sales for October will be released, as will leading indicators for that month.

Stocks in focus: Ahead of the market's open, Sears Holdings Corp.(SHLD) is due to report, along with Best Buy Co.(BBY) and Dollar Tree Inc.See Stocks to Watch

Salesforce.com(CRM) may see pressure after the cloud-computing company's weak outlook overshadowed its slight beat on the third quarter.

Caesars Entertainment Corp.(CZR) could add to a 16% late-session boost after Bloomberg News reported the casino operator plans to turn its largest unit into a real-estate investment trust.

Dollar surges anew against yen: The dollar(USDJPY) continued a relentless march higher against the Japanese yen, pushing past Yen118.34, while the Nikkei 225 index closed flat. Gold (GCZ4) pared some losses, while oil (CLZ4) also pulled back as stock futures fell.

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