Markets Update Markets Update Stocks U.S. Stock Futures Drop on Spain Bond Sale, Fed Minutes
Stocks Update
- Details
- Published on Wednesday, 04 April 2012 12:26
- Written by Bloomberg.com
U.S. stock futures fell as demand dropped at a Spanish bond auction, investors awaited data that may show growth in service industries slowed and the Federal Reserve signaled it may refrain from more monetary stimulus.
Wells Fargo & Co. and Bank of America Corp. each retreated at least 1.4 percent, pacing losses among financial shares. SanDisk Corp. (SNDK), the biggest maker of flash-memory cards, tumbled 7.1 percent after cutting its forecast for first-quarter sales and profitability.
Standard & Poor’s 500 Index (SPM2) futures expiring in June dropped 0.7 percent to 1,398.3 at 8:07 a.m. in New York, indicating that the equity benchmark may extend yesterday’s decline. The index rallied to its highest level since May 2008 on April 2 after a gauge of U.S. manufacturing climbed more than estimated. Dow Jones Industrial Average futures slipped 94 points, or 0.7 percent, to 13,038 today. Full story