U.S. stock futures were little changed, following a two-day decline in the Standard & Poor’s 500 Index, as investors watched developments in Europe’s attempts to contain its sovereign debt crisis.
First Solar Inc. (FSLR), the world’s largest maker of thin-film solar panels, tumbled 13 percent after cutting its sales and profit outlook. Joy Global Inc., a mining equipment maker, slid 3.2 percent as profit and sales missed analysts’ estimates. Avon Products Inc. (AVP) rose 9.7 percent as the door-to-door cosmetics seller will search for a new chief executive officer.
S&P 500 futures expiring in March dropped 0.1 percent to 1,219.30 at 8:41 a.m. New York time. The benchmark gauge fell 2.4 percent over the previous two days. Dow Jones Industrial Average futures lost 16 points, or 0.1 percent, to 11,879 today.
The S&P 500 has struggled (SPX) to stay above its 2010 closing level of 1,257.64 since topping it during the last week of October after slumping below it for almost three months. The index is down 2.5 percent for the year through yesterday, led by a 21 percent slide in financial shares.
The cost of insuring against default on European sovereign debt approached a record. German Chancellor Angela Merkel said there’s no easy and fast solution to the euro region debt crisis. Speaking to lawmakers in the German parliament today, she reiterated her opposition to euro bonds as a tool for dealing with the euro region’s debt crisis. “They are not appropriate as a rescue measure,” Merkel said.
To contact the reporter on this story: Rita Nazareth in Sao Paulo at rnazareth@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net
