U.S. stock futures declined today, as a collapse in debt talks between Greece and its European creditors nudged down global markets.
Futures for the S&P 500 index dropped about 0.5 percent to 2,074.75. Futures for the Dow industrials fell 0.5 percent to 17,725, while those for the Nasdaq-100 index tumbled 0.5 percent to 4,423.
Talks between Greece and its creditors broke up after less than an hour, raising prospects of Athens being unable to repay $1.8 billion dollars owed to the International Monetary Fund by the end of this month.
U.S. stocks fell Friday but eked out slight weekly gains. The Dow lost 0.8 percent to 17,898.84 and the S&P 500 slipped 0.7 percent to 2094.11.
DATA:
Business conditions in the New York region worsened slightly, the New York Fed said today. The Empire State manufacturing index for June sank to negative 2.0 from 3.1 in May.
May industrial production numbers are expected at 9:15 a.m., which is expected to have jumped 0.3 percent, against a drop of 0.3 percent in April.
The NAHB/Wells Fargo Housing Market index for June is expected to show a rise to 56 from 54 in May. That data is expected at 10:00 a.m.
MOVERS:
United Technologies (NYSE:UTX) fell 1.8 percent in premarket trading after the company said it was exiting the helicopter business.
Standard Pacific (NYSE:SPF) slipped 0.1 percent after the Irvine, California-based company and Ryland Group said they would merge to become the fourth-largest homebuilder in the United States. Ryland (NYSE:RYL) was up 0.4 percent.
Alibaba Group (NYSE:BABA) inched down 0.3 percent after the technology company said it will launch an online video streaming service in China in about two months, hoping to emulate the U.S.'s Netflix (NASDAQ:NFLX) and HBO. Netflix fell 1.3% in pre-market trades.
Nike (NYSE:NKE) fell 1.2 percent to $102.55 after the Wall Street Journal reported that U.S. authorities are examining payments made by the company under a 1996 soccer sponsorship deal with Brazil for possible evidence of wrongdoing by the company or others.
Bluebird Bio (NASDAQ:BLUE) climbed 4.9 percent in early trading after saying it saw positive results in the first patient infused with its experimental drug for severe sickle cell disease.
Drugstore chain CVS Health (NYSE:CVS) added 0.6 percent in premarket trades after the pharmacy company said it plans to buy the pharmacy and clinic businesses of Target (NYSE:TGT) for $1.9 billion.
COMMODITIES:
Spot gold was unchanged at $1,180.90 an ounce, while U.S. gold futures for August delivery were up $1.40 an ounce at $1,180.40.
Brent Crude Oil dropped $1.22 to a low of $62.65 a barrel, before recovering to trade around $62.77, down $1.10, by 6.25 a.m. U.S. light crude oil, also known as West Texas Intermediate (WTI), fell to a low of $59.08, down 88 cents.
OTHER MARKETS:
The breakdown in bailout talks weighed on equity markets in Europe and Asia. France’s CAC 40 fell 1.7 percent and Germany’s DAX dropped 2 percent. Greek stocks lost more than 5 percent. Hong Kong’s Hang Seng Index fell 1.5 percent.