U.S. stock-index futures advanced today ahead of a euro zone leaders summit at which Greece will bring a proposal in a last-ditch attempt to secure an aid package to keep the country in the currency club.
Futures for the Dow Jones Industrial Average was up 0.3 percent to 17,671, while those for the S&P 500 index picked up 0.3 percent to 2,070. Futures for the Nasdaq-100 index climbed 0.1 percent to 4,428.
Greek lenders are down to their last few days of cash and the European Central Bank has tightened the noose on funding, putting pressure on Greek Prime Minister Alexis Tsipras to persuade the bloc's other 18 leaders to open negotiations fast. The summit begins at 1600 GMT in Brussels.
Stocks ended lower yesterday, but the declines weren’t as steep as some had expected. The Dow slipped 0.3 percent to 17,683.58 and the S&P 500 lost 0.4 percent to 2,068.76.
OTHER MARKETS:
European stocks were mostly lower. France’s CAC-40 fell 1.1 percent and Germany’s DAX lost 0.9 percent.
Chinese stocks fell today, raising concerns about the government’s ability to stem the slide. The Shanghai Composite declined 1.3 percent.
DATA:
The U.S. trade deficit widened in May, fueled by a drop in exports that could heighten concerns over weak overseas demand and a strong U.S. dollar. The increase in the trade gap to $41.9-billion, announced today by the Commerce Department, was less than analysts had expected.
At 10 a.m., a report on job openings for May is due, followed by consumer-credit numbers for the same month at 3 p.m.
MOVERS:
Alcoa (NYSE:AA) unofficially kicks off the quarterly earnings season tomorrow, when it reports after markets close. Profit at S&P 500 companies will contract 6.5 percent in the period, according to analysts’ estimates compiled by Bloomberg.
Horizon Pharma Plc (NASDAQ:HZNP) gained 1.4 percent in premarket trading after making an unsolicited bid to buy Depomed (NASDAQ:DEPO) in an all-stock deal valued at $3 billion.
Tiffany (NYSE:TIF) added 2 percent after Sanford C. Bernstein & Co. upgraded the luxury jewelry chain to “outperform”, similar to “buy”.
Fitbit (NYSE:FIT) climbed 5.8 percent as Robert W. Baird & Co. initiated coverage of the stock, also with an “outperform” rating.
Allergan (NYSE:AGN) said it reached a deal to buy the exclusive rights to two experimental migraine drugs from Merck (NYSE:MRK) for $250 million.
Advanced Micro Devices (NASDAQ:AMD) tumbled 11 percent after the second-largest maker of processors for personal computers said second-quarter sales slid more than initially projected.
Shake Shack (NYSE:SHAK) slid 3.4 percent in premarket trading after Morgan Stanley cut its recommendation on the fast casual restaurant chain.
A. Schulman (NASDAQ:SHLM) slipped 7.5 percent after the plastic manufacturer late Monday said it swung to a loss in the third quarter.
MSC Industrial Direct (NYSE:MSM) rose 0.5 percent as the direct marketer said third-quarter profit fell less than expected. But the company issued an earnings and revenue forecast below analyst expectations.
COMMODITIES:
Spot gold eased 0.4 percent to $1,165.19 an ounce, while U.S. gold futures dropped 0.8 percent to $1,164.20 an ounce.
Brent crude for August was up $0.90 at $57.44 a barrel.