June 8 (Bloomberg) -- U.S. stock futures fell, indicating the Standard & Poor's 500 Index will trim its biggest weekly gain in 2012, as commodities tumbled and disappointing economic data in Europe added to concern about a global slowdown. Freeport-McMoRan Copper & Gold Inc. and Newmont Mining Corp. lost more than 1.2 percent. McDonald's Corp., the largest restaurant chain, slid 2.8 percent as its May sales trailed analysts' estimates. Facebook Inc., which earlier this week fell to the lowest price since it went public, added 1.1 percent. S&P 500 futures expiring in September fell 0.3 percent to 1,305.6 at 9:14 a.m. New York time. The benchmark gauge has risen 2.9 percent this week. Dow Jones Industrial Average futures lost 54 points, or 0.4 percent, to 12,352 today. Equity futures joined a global slump as German exports dropped in April for the first time this year as weaker global growth curbed demand. French business confidence and Italian output also declined. The trade deficit in the U.S. narrowed in April as a drop in imports overshadowed the first decline in exports in five months. Investors also watched Europe's attempts to tame its debt crisis. Spain is poised to become the fourth of the 17 euro-area countries to require emergency assistance as the currency bloc's finance chiefs plan weekend talks on a potential aid request to shore up the nation's lenders. The S&P 500 is headed for its best weekly gain since Dec. 23 as China cut its interest rate and European Central Bank President Mario Draghi said officials stand ready to act. Most stocks fell yesterday as an early gain fizzled after Federal Reserve Chairman Ben S. Bernanke said the central bank will assess the economy before deciding if more stimulus is needed. Commodity Shares Commodity shares declined today amid concern that a global slowdown could reduce demand for raw materials. Freeport- McMoRan, the world's biggest publicly traded copper miner, dropped 1.2 percent to $33.20. Newmont Mining, the largest U.S. gold producer, slid 1.3 percent to $50.05. McDonald's dropped 2.8 percent to $85.90. Sales at stores open at least 13 months rose 3.3 percent globally last month, falling short of analysts' estimates, as sales declined in Japan and China. Analysts projected a gain of 5.2 percent, the average of 13 estimates compiled by Consensus Metrix. NetApp Inc. retreated 2.6 percent to $30.49. The seller of hardware and software for storing data was downgraded at Barclays Plc. The share-price estimate is $34. Facebook rose 1.1 percent to $26.59. The social-networking company that held an initial public offering last month introduced an online directory for downloadable apps, taking a page from Apple Inc. and Google Inc. Chesapeake Energy Chesapeake Energy Corp. rose 0.3 percent to $17.90. The U.S. energy explorer facing a $22 billion cash shortfall because of falling natural-gas prices agreed to sell its pipeline interests to Global Infrastructure Partners for $4.08 billion. The company's shareholders, who have questioned the credibility of directors leading an internal probe of Chief Executive Officer Aubrey McClendon's personal finances, may reject the re-election of those board members at today's annual meeting. The board's audit committee hired outside counsel Locke Lord LLP earlier this year to assist in its review of loans McClendon backed with his personal stakes in company wells, as well as any business those financing sources did with Chesapeake. Company executives expect shareholders to vote against retaining two of the committee's three members, V. Burns Hargis and Richard K. Davidson, in a vote today, a person with knowledge of the matter said earlier this week. Shareholders have criticized Chesapeake's board for failing to rein in what they've seen as McClendon's risk-taking and overspending at the company. Investor Carl Icahn, who became the second-biggest shareholder in the company after buying a 7.6% stake, said Chesapeake needs to name at least four new directors to restore the credibility of its board. --With assistance from {Sarah Jones} in London. Editor: {Jeff Sutherland} To contact the reporter on this story: {Rita Nazareth} in New York at rnazareth@bloomberg.net To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

Source