Stock Futures Fall Ahead of Eurozone Meeting
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U.S. stock-index futures kicked off the week to the downside following Friday's selloff as traders remained bearish on the global economic outlook and awaited a meeting between eurozone finance chiefs.
As of 8:00 a.m. ET, Dow Jones Industrial Average futures fell 47 points to 12680, S&P 500 futures dipped 5 points to 1347 and Nasdaq 100 futures slipped 4.3 points to 2605.
The broad S&P 500 shed 0.94% on Friday on the back of a weaker-than-expected jobs report. The mood across global trading desks remained gloomy on Monday, with many Asian markets tumbling more than 1% in reaction to the data.
The U.S. economic calendar is light on the day, with a report on consumer credit conditions expected from the Federal Reserve at 2:00 p.m. ET. However, traders did get data from China showing inflation cooling down dramatically in June from May. Germany, Europe's biggest economy, saw its trade surplus widen more than expected in May.
The meeting between eurozone finance ministers, set to begin at roughly 11:00 a.m. ET, was expected to take the spotlight. Market participants are expecting the group to work on plans to recapitalize Spanish banks.
The yield on Spain's 10-year bonds crossed above the closely-watched 7% mark on the secondary markets, signaling a decreased risk tolerance. The cost to insure $10 million of the country's debt also climbed to $595,000, according to financial data firm Markit.
The euro edged up by 0.09% to $1.2301.
In corporate news, WellPoint (NYSE:WLP) unveiled plans to acquire Amerigroup (NYSE:AGP) in a $4.9 billion deal. Blue-chip aluminum maker Alcoa (NYSE:AA) also unofficially kicks off earnings season after the closing bell.
Commodities were modestly higher, helped by a weaker U.S. dollar. Crude oil futures rose 32 cents, or 0.38%, to $84.78 a barrel. Wholesale New York Harbor gasoline edged up by 0.04% to $2.719 a gallon.
In metals, gold rose $4.80, or 0.3%, to $1,584 a troy ounce.
The Euro Stoxx 50 dipped 0.4% to 2227, the English FTSE 100 fell 0.43% to 5638 and the German DAX slipped 0.16% to 6400.
In Asia, the Japanese Nikkei 225 sold off by 1.4% to 8897 and the Chinese Hang Seng tumbled 1.9% to 19428.