Futures Fall as Data Disappoint

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U.S. stock-index futures slumped on Wednesday as traders reviewed a duo of disappointing economic reports. 

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As of 8:47 a.m. ET, Dow Jones Industrial Average futures fell 33 points, or 0.2%, to 16719, S&P 500 futures declined 3 points, or 0.14%, to 1941 and Nasdaq 100 futures declined 6.5 points, or 0.17%, to 3788.

The broad S&P 500 sustained its biggest drop since June 12 on Tuesday, as energy stocks sold off. The markets appear to have stabilized on Wednesday as traders review the latest batch of economic data. 

The U.S. economy contracted at an annual rate of 2.9% in the first quarter, the biggest drop since the first quarter of 2009, from a previous estimate of a contraction of 1%. Wall Street expected the world’s biggest economy to shrink by an annual rate of 1.7%.

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The Commerce Department said orders for long-lasting goods dropped 1% in May, while Wall Street expected orders to remain unchanged from the month prior. Excluding the transportation component, orders fell 0.1% compared to a 0.4% gain economists anticipated.

Elsewhere, U.S. crude oil futures rose 42 cents, or 0.4%, to $106.45 a barrel. Wholesale New York Harbor gasoline dipped 0.66% to $3.105 a gallon. Gold slumped $6.40, or 0.48%, to $1,315 a troy ounce. 

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