U.S. stock futures retreated, signaling the market may drop for a second day, after government reports showed jobless claims increased and consumer prices fell more than forecast.
Standard & Poor’s 500 Index futures expiring in September lost 0.2 percent to 1,305.7 at 8:33 a.m. in New York.
Claims for jobless benefits unexpectedly climbed by 6,000 to 386,000 in the week ended June 9 from a revised 380,000 the prior week that was more than first estimated, Labor Department figures showed today in Washington. Economists projected claims would fall to 375,000, according to the median estimate in a Bloomberg News survey.
The consumer-price index declined 0.3 percent, more than forecast and the biggest drop since December 2008, after no change the prior month, the Labor Department reported today in Washington. Economists projected a 0.2 percent decrease, according to the median estimate in a Bloomberg News survey. The so-called core measure, which excludes more volatile food and energy costs, increased 0.2 percent for a third month.
The S&P 500 Index fell yesterday following a decrease in U.S. retail sales and higher borrowing costs at elections ini Italy and Germany.
Investors were also waiting an election in Greece this weekend that may indicate whether the nation will remain in the euro zone.
The S&P 500 tumbled as much a 9.9 percent from a four-year high in April through June 1 amid lower-than-forecast economic data and concern Europe’s debt crisis was spreading. The index has rebounded 2.9 percent since.
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