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S&P 500 likely to stretch last week`s slide as Spain requests bailout
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- S&P 500 likely to stretch last week`s slide as Spain requests bailout
25/06/2012 11:25:14 AM
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Publish Date25/06/2012 11:25:14 AM
Last Update25/06/2012 12:34:31 PM
U.S. stock-index futures moved lower to join European shares as Spanish bailout bid takes center stage ahead of a report that may show sales of newly-constructed U.S. houses was weak last month as so far the Standard & Poor`s 500 Index is set to extend last week slide.
As of 06:22 a.m. EST, Dow Jones Industrial Average futures expiring in September fell 0.75 percent to 12,474. Standard & Poor`s 500 futures lost 0.81 percent to 1,316, and NASDAQ 100 futures was down 0.67 percent at 2,556.25.
U.S. new home sales probably climbed less than 1.0 percent to an annual rate of 346 thousand in May, compared with last month`s 3.3 percent rise to 343 thousand, indicating housing industry is still constrained by distressed property value and rising foreclosures.
Last week, the S&P 500 shed 0.6 percent after the Federal Reserve slashed its growth forecast while bear market in commodity prices dragged energy shares further. Fears weighed on market sentiment as well as Europe`s uncertainty deepened over the weekend.
European Union leaders will meet for summit on June 28 and 29 in Brussels to discuss measures for battling the region`s sovereign-debt crisis, after Spain this morning formally asked for a bailout to salvage its ailing banks, with Spanish borrowing costs feel painful records.
Uncertainty takes the wheel ahead of the U.S. bill buzz on Monday, as trader are skeptic that the summit would make any credible progress, with the crisis now in its third years and thwarting Spain, the region`s fourth largest economy.
As of 07:00 a.m. EST, the euro fell to $1.2481 against its U.S. counterpart from $1.2547. Correspondingly, the greenback rose against majors, leaving the USIDX up at 82.56 from 82.35. Crude for August delivery was down at $79.03 a barrel from $80.13.
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