U.S. stock-index futures pulled back today as hopes receded that a rescue-for-reforms deal for crisis-struck Greece was nearing.
Futures for the Dow Jones Industrial Average fell 0.2 percent to 18,112, while those for the S&P 500 index dropped 0.1 percent to 2,118. Futures for the Nasdaq 100 index gave up 0.1 percent to 4,538.
European officials downplayed talk that Greece and its lenders were drafting an agreement that would provide Athens much-needed debt relief.
The Dow yesterday gained 0.7 percent to 1,8162, while the S&P 500 added 0.9 percent to 2123.
DATA:
The number of people who applied for unemployment benefits in late May rose to a five-week high, but the rate of layoffs in the U.S. economy remained near a record low. Initial jobless claims climbed by 7,000 to a seasonally adjusted 282,000 in the week stretched from May 17 to May 23, the Labor Department said today. Economists polled by MarketWatch had expected claims to fall to 270,000 from a slightly revised 275,000 in the prior week.
Data from the National Association of Realtors on pending home sales are expected at 10 a.m.
FED SPEAKERS:
Speaking to the Monetary Authority of Singapore, John Williams, president of the San Francisco Fed, said the central bank shouldn’t use interest-rate policy to address risks to financial stability. He also said the Fed is likely to raise rates later this year, reiterating Chairwoman Janet Yellen’s view, expressed last Friday.
Minneapolis Fed President Narayana Kocherlakota will give a speech on monetary policy in Helena, Montana, at 2:45 p.m.
MOVERS:
Broadcom (NASDAQ:BRCM) fluctuated between gains and losses in premarket trading after Avago (NASDAQ:AVGO) said it would buy its fellow chipmaker for $37 billion. Avago jumped 3.9 percent. Both stocks had risen strongly yesterday on reports of an imminent deal.
Yahoo (NASDAQ:YHOO) fell 0.8 percent ahead of the bell after a U.S. judge ordered the company to face a nationwide class-action lawsuit accusing it of email spying.
Abercrombie & Fitch (NYSE:ANF) gained 3.8 percent in premarket trading even as the teen apparel retailer reported a 14 percent fall in quarterly sales due to weak demand, a strong dollar, and higher discounts.
Western Digital (NASDAQ:WDC) rose 1.7 percent to $94.37 after Goldman Sachs raised its rating on the data storage solutions company to "buy".
Costco Wholesale (NASDAQ:COST), the world’s largest membership chain, declined 2.2 percent to $145.42 after quarterly sales missed analysts’ estimates, while profit beat expectations.
GoPro (NASDAQ:GPRO) climbed 5 percent in early trading after chief executive officer Nick Woodman said the camera manufacturer is working on a drone product that is scheduled for release in the first half of 2016.
Semtech (NASDAQ:SMTC), a supplier of analog and mixed-signal semiconductor products, forecast second-quarter earnings and revenue below analyst estimates.
COMMODITIES:
Gold futures edged higher today in a bid to halt a four-day losing run. Gold for June delivery on Comex rose 0.2 percent to $1,188 an ounce.
Front-month Brent was up 27 cents at $62.33 a barrel. U.S. crude futures were up 14 cents from their last settlement at $57.65 per barrel.
OTHER MARKETS:
Stocks across Europe fell today, deflated as a reported deal between debt-laden Greece and its creditors hasn’t come through. The Stoxx Europe 600 gave up 0.4 percent to 407.40.
In China, stocks plunged 6.5 percent today, with traders citing the tightening of marginal lending rules as an explanation.