U.S. stock futures slid, indicating the Standard & Poor’s 500 Index may retreat for a third day, amid continued concern that euro-area policy makers are struggling to contain its debt crisis.
Futures on the S&P 500 expiring in March dropped 0.3 percent to 1,216.7 at 7:32 a.m. in New York as European sovereign-bond risk approached a record. Dow Jones Industrial Average futures lost 37 points, or 0.3 percent, to 11,858.
The benchmark gauge retreated 0.9 percent yesterday, extending its drop so far this week to 2.4 percent, after the Federal Reserve refrained from taking further action to bolster growth, even as Chairman Ben S. Bernanke signaled he’s concerned the euro-area debt crisis will hobble a 2 1/2-year U.S. expansion.
Futures retreated as the cost of insuring against default on European sovereign bonds approached a record today. The euro fell below $1.30 for the first time since January as Italian borrowing costs increased at a debt auction and Spanish banks’ borrowings from the European Central Bank climbed by the most in a year. The 17-nation euro declined to a 10-week low against the yen.
To contact the reporter on this story: Adam Haigh in London at ahaigh1@bloomberg.net
To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net
