DJ US Stock Futures Slightly Lower; Greece Vote In Focus 28-Jun-2011 By William L. Watts U.S. stock index futures moved slightly lower Tuesday, as investors sat on the sidelines amid ongoing uncertainty over the ability of the nation's economy to recover from its current soft patch as well as nervousness ahead of crucial votes by Greece's parliament on additional austerity measures. Futures on the Dow Jones Industrial Average declined 13 points to 11977. Futures on the Standard & Poor's 500 index fell 1.8 points to 1274.50, while Nasdaq 100 futures slipped 3.75 points to 2245.25. The Friday release of the Institute of Supply Management's manufacturing purchasing managers index for June "is on everybody's mind," said Morten Kongshaug, equity analyst at Danske Bank in Copenhagen. It will shed light on whether recent economic weakness is merely a temporary soft patch or the start of a deeper downturn, he said. The index for May showed its largest one-month drop since 1984, declining to 53.5% from 60.4% in April. Economists surveyed by MarketWatch expect the index to decline to 52% in June. A reading of more than 50% indicates expansion. While falling oil and gas prices provide hope that recent economic weakness will prove temporary, a combination of factors--falling house prices, lackluster employment data and the lack of a budget agreement between the White House and congressional Republicans--is likely to continue to cast a pall over markets in the summer months, Kongshaug said, with equities potentially testing new lows by the end of July. Meanwhile, the Greek parliamentary vote looms over the markets in the near term. Greek lawmakers are expected to vote Wednesday on EUR78 billion ($111.4 billion) in proposed austerity and privatization measures, followed by a vote on implementation measures on Thursday. Approval is necessary to secure the release of a EUR12 billion tranche of aid and to move Greece closer to an additional aid package from the European Union and the International Monetary Fund as European authorities scramble to avoid a disorderly default. Hopes that Prime Minister George Papandreou will manage to win support for the measures was partly credited for lifting U.S. equities on Monday. European equity markets moved higher Tuesday, led to the upside by banks and insurers and inspired by a positive tone in Asia as well as Monday's gains on Wall Street amid optimism over the Greece vote. On the corporate front, shares of Nike Inc. (NKE) gained 2.6% in Frankfurt trade. The footwear- and apparel-maker late Monday topped forecasts by reporting a fourth-quarter net profit of $594 million, or $1.24 a share, as revenue rose 14% to $5.77 billion. Analysts polled by FactSet Research had forecast $1.17 a share and $5.53 billion, respectively. Shares of Accenture PLC (ACN) were also higher after S&P Indices announced late Monday that the consulting firm will be added to the S&P 500 index after the close of regular session trading on July 5. Accenture will replace Marshall & Ilsey Corp. (MI) as Bank of Montreal's (BMO, BMO.T) planned acquisition of the Wisconsin-based regional bank is expected to close on or about July 5. Tuesday's economic calendar features the release of the April Case-Shiller home prices index at 9 a.m., EDT. The index fell 0.8% in March. The Conference Board's June consumer confidence index is due for release at 10 a.m., EDT, and is expected to slip to 60.5% from 60.8% in May, according to a MarketWatch survey of economists. Wall Street produced its first up day in four sessions on Monday. The Dow Jones Industrial Average rose 108.98 points, or 0.9%, to close at 12043.56. The Standard & Poor's 500 index also rose, up 11.64 points, or 0.9%, to 1280.09, while the Nasdaq Composite Index gained 35.39 points, or 1.3%, to finish at 2688.28. Oil futures gained ground on Tuesday, with Nymex crude futures up 34 cents at $90.95 a barrel in electronic trading. The dollar index gained 0.2% to 75.425, while the U.S. unit slipped 0.2% versus the euro to change hands at $1.4282. The dollar was flat against the Japanese yen at 80.82 yen. -By William Watts; 44 20 7842 9426; [email protected] (END) Dow Jones Newswires June 28, 2011 06:16 ET (10:16 GMT) Related News Companies: Bank of Montreal ?(BMO:xtse)?BMO Financial Group (Bank of Montreal) ?(BMO:xnys)?Marshall & Ilsley Corp. ?(MI:xnys)?Nike Inc. ?(NKE:xnys)?Accenture Plc ?(ACN:xnys)?Subjects: Stock Market IndexesFuturesStock Index FuturesStock Market UpdatesEconomic IssuesEconomicsEconomic IndicatorsFinanceDerivative SecuritiesInvestmentsMarket News and UpdatesMarket UpdatesPolitics and GovernmentPolitical IssuesPoliticsSectors: Security Investing BrokerageFinancial Services and BankingServicesApparel, Home Textiles and AccessoriesApparelConsumer GoodsTextiles and ApparelRegions: CanadaUnited StatesGermanyDenmarkGreeceAsiaEuropeNorth America
