U.S. stock-index futures fell amid revised first-quarter growth data and after reports that Greece’s creditors haven't accepted Athens’ latest reform proposals.
Futures for the Dow Jones Industrial Average fell 0.3 percent to 18,013, while those for the S&P 500 index dropped 0.2 percent to 2,112.75. Futures for the Nasdaq-100 index were down 0.2 percent to 4,532, easing back slightly after logging a record closing high for a second straight session yesterday.
Greek Prime Minister Alexis Tsipras has attacked the stance of "certain" creditors as "strange" because they rejected proposals presented by Athens to bridge a budget gap, a government official said without referring to specific proposals or which of the three institutions Tsipras was blaming for the deadlock. Tsipras will meet the heads of the European Central Bank, the International Monetary Fund and the European Commission in Brussels before a meeting of euro zone finance ministers at 1300 p.m. Greece needs fresh funds to avoid defaulting on a $1.8 billion debt repayment to the IMF on June 30.
DATA:
U.S. economy contracted by a revised 0.2 percent seasonally adjusted annual rate in the first quarter, versus a previously estimated decrease of 0.7 percent.
The revision, in line with forecasts, resulted from a smaller drop in exports than previously estimated and a bigger increase in consumer spending.
Meanwhile, the U.S. GDP Price Index was flat against expectations of -0.1 percent. U.S. core PCE unrevised at 0.8 percent as expected while personal consumption was upwardly revised to 2.1 percent from 1.8 percent.
MOVERS:
Netflix (NASDAQ:NFLX) rose 2.8 percent to $681.19 in premarket trading, a day after the world's largest subscription streaming service’s board approved a seven-for-one stock split. Netflix's shares have almost doubled this year.
Lennar (NYSE:LEN) gained 4.7 percent after the second-largest U.S. homebuilder reported a better-than-expected 33 percent jump in quarterly profit as it sold more homes at higher prices.
Ford Motor (NYSE:F) was up 1.5 percent after the company said it will test new car-sharing programs with U.S. and U.K. partners as part of a strategy to embrace alternatives to traditional car ownership. Separately, Goldman Sachs analysts upgraded the stock to “buy” from “neutral.”
General Motors (NYSE:GM) slipped 1.4 percent after Goldman Sachs cut the car maker to neutral from buy.
Boeing (NYSE:BA) fell 0.5 percent after the aerospace company said Dennis Muilenburg will replace Jim McNerney as its chief executive officer. McNerney will continue to serve as Boeing’s chairman.
Monsanto (NYSE:MON) rose 0.2 percent after the provider of agricultural products reported better-than-expected earnings for its fiscal third quarter.
OTHER MARKETS:
Asian stock markets closed higher, with Japan’s Nikkei 225 index ending at a more than 18-year high.
COMMODITIES:
Spot gold was at $1,176.90 an ounce, little changed from late yesterday, while U.S. gold futures for August delivery were down $0.40 an ounce at $1,176.20.
Brent crude rose $0.10 to $64.55 a barrel by 7.55 a.m. U.S. crude gained $0.09 to $61.10. Both contracts made gains yesterday.