Stocks fell for a third straight day on Tuesday, with the Dow and S&P 500 giving up 0.5% each and the Nasdaq falling 0.3%. Oil and gold closed at their lowest levels of the year.
Stock-index futures are showing some life Wednesday, though, with Dow futures up about 60 points. Investors focused on continued failure by Greece's political leaders to form a coalition government after nine days of trying. They're worried about what new elections next month would mean for the region.
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Those concerns hammered oil prices. This morning, crude oil futures are trading below $93 a barrel, as a report showed U.S. crude supplies surged more than expected last week. Inventories now sit at a 22-year high amid weak demand and growing production. The Energy Department will update the numbers at 10:30 a.m. ET when it releases its latest supply data.
Gas prices have come down in sympathy; auto club Triple A puts the national average at $3.73 a gallon -- down some 20 cents from last month.
But cheaper gas won't be enough to get many more Americans on the road this summer; they're still too worried about their jobs and the economy. Economists and tourism experts are expecting only a small uptick in summer travelers. For Memorial Day weekend, AAA predicts that 34.8 million Americans will take trips of at least 50 miles. That's up 1.2% from last year's summer opening when gas prices were just pennies shy of $4.
The cost of your morning buzz is also getting cheaper. J.M. Smucker -- maker of Folgers and packaged Dunkin Donuts coffee -- is dropping prices by an average 6%. The move was long overdue, given the 45% drop in green coffee prices over the past year.
This is the second time since August that the largest U.S. coffee packager has dropped its list prices. More roasters are expected to follow Smucker's move, including Starbucks (NASDAQ:SBUX) and Maxwell House maker Kraft (NYSE:KFT), although they haven’t announced price cuts yet.
Social advertising may be considered 'too trendy' by some -- that's partly the thinking behind General Motors' (NYSE:GM) move to pull its paid Facebook ads.
GM is the third-largest advertiser in the U.S. behind Procter & Gamble (NYSE:PG) and AT&T (NYSE:T). It spent $1.1 billion on advertising in the U.S. last year, including about $40 million on Facebook.
GM says those Facebook ads had low consumer impact. Its decision to drop Facebook is a vivid reminder that Facebook will have to work on its relationships with major advertisers and marketers.
The social giant is expected to go public Friday amid high investor demand.