U.S. stocks were poised for a lower open Friday amid uncertainty about a Greek bailout deal, and amid data showing U.S. producer prices posting their largest gain since 2012.
Futures for the S&P 500 index dropped 6 points to 2,094.75, while those for the Dow industrials fell 52 points to 17,910. Futures for the Nasdaq-100 were down 19 points to 4,465.
After four months going around in circles, Chancellor Angela Merkel urged Greece to accept the framework for financial aid as euro-area officials demanded a proposal for stabilizing the country’s debt by the end of today.
Stocks rose slightly yesterday with the Dow Jones Industrial Average adding 0.2 percent to 18,039. The S&P 500 rose 0.2 percent to 2,108.86.
DATA:
The Labor Department said on Friday its producer price index for final demand increased 0.5 percent last month, the largest gain since September 2012. That followed a 0.4 percent decline in April. In the year to May, the PPI fell 1.1 percent, marking the fourth straight 12-month decrease. Prices dropped 1.3 percent in the 12 months through April, the biggest fall since 2010. The stabilization in producer prices should support views that the Federal Reserve will raise interest rates this year.
A report at 10 a.m. will probably show consumer sentiment improved this month from a six-month low in May, economists forecast. The Federal Reserve meets next week to discuss the timing of any interest-rate hike.
Economists and top Wall Street banks expect the Fed to raise rates in September, in what could be the central bank's first hike in almost a decade and turn the direction of the flow of easy money that has driven world stocks and bond prices to record highs in recent years.
MOVERS:
Twitter (NYSE:TWTR) rose 3.5 percent in premarket trading after chief executive officer Dick Costolo said he would step down July 1, in an announcement late yesterday. Co-founder Jack Dorsey will serve as interim CEO until a replacement is found. The group also confirmed its second-quarter revenue outlook of $470 million to $485 million.
Wingstop (NASDAQ:WING) will make its trading debut today. The restaurant chain priced its initial public offering of 5.8 million shares at $19 a share, above the expected range of $12 to $14.
T-Mobile US (NYSE:TMUS) advanced 2.2 percent ahead of the bell after the Wall Street Journal reported that Dish Network (NASDAQ:DISH) is in talks with banks on funding a bid for the company. Shares of Dish rose 1.6 percent.
COMMODITIES:
Spot gold was down 0.2 per cent at $1,179.60 an ounce, while US gold futures for August delivery were down $1.10 an ounce at $1,179.30.
US benchmark West Texas Intermediate for delivery in July dropped 55 cents to $60.22 a barrel. Brent North Sea crude for July eased 34 cents to stand at $64.77 in London deals.
OTHER MARKETS:
The dollar pushed higher across the board, but made notable gains against the euro on concerns over Greece.
The yield on the 10-year Treasury note was at 2.380 percent, compared with 2.383% on Thursday. Yields fall as prices rise.