U.S. stock futures slipped on Wednesday as recent optimism about
a bailout deal for Greece faded.
S&P 500 futures lost four points, or 0.2%, to 2112. E-mini
Dow futures fell 58 points, or 0.3%, to 18010, and e-mini
Nasdaq-100 futures slipped seven points, or 0.2%, to 4534. Changes
in stock futures don't always accurately predict moves in the stock
market after the opening bell.
European stocks also fell. Germany's DAX lost 1.1% and France's
CAC-40 fell 0.5%. Greece and its international creditors remain
divided over measures Athens must implement before receiving
bailout aid, according to a document seen by The Wall Street
Journal. Eurozone finance ministers want to hammer out a deal at a
Wednesday meeting on what Greece must do in order to receive
funding. A summit of European leaders on Thursday and Friday could
be the last chance to find a solution if Wednesday's meeting is
unsuccessful.
Without an agreement before the end of the month, Greece is set
to default on a June 30 payment to the International Monetary Fund,
which would fuel concerns about the country's potential exit from
the eurozone.
In recent days, the market has been driven by investors making
passive bets on stocks, such as buying or selling through
stock-index futures or exchange-traded funds, rather than making
bets on individual shares, traders said. That tends to happen when
investors are focusing on broad economic or political news, such as
Greece's bailout negotiations.
"All this euphoria the last two days about Greece had seen a lot
of capital go back into global stock markets," said Colin
Cieszynski, chief market strategist at CMC Markets. "Today that is
subsiding," he added.
Stocks rose slightly Tuesday, propelling the Nasdaq Composite to
a record close. The Nasdaq added 0.1% to 5160.09. The Dow gained
0.1% to 18144.07 and the S&P 500 advanced 0.1% to 2124.20.
For the month, the Dow has added 0.7% and the S&P has
increased 0.8%, through Tuesday's close. The Nasdaq Composite has
advanced 1.8% in the same period.
On Wednesday morning, investors will receive the third reading
on U.S. gross domestic product in the first quarter. GDP is
expected to be revised to a 0.2% contraction from a 0.7%
contraction, according to economists surveyed by The Wall Street
Journal.
In commodity markets, gold futures were nearly flat at $1177.00
an ounce. Crude-oil futures added 0.1% to $61.06 a barrel.
The yield on the 10-year Treasury note slipped to 2.391% from
2.409% on Tuesday. Yields fall as prices rise.
In corporate news, shares of Boeing Co. slipped 0.5% in
premarket trade. The company said Chief Executive Jim McNerney will
step aside next week and be replaced by Dennis Muilenburg , who has
been Boeing's president and chief operating officer since December
2013.
Home builder Lennar Corp. said its profit rose 33% in its latest
quarter, beating expectations. Shares gained 4% premarket.
Write to Saumya Vaishampayan at saumya.vaishampayan@wsj.com
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