US Stock Futures Down On Anniversary Of Rebound





U.S. equity futures edged lower on Tuesday, as caution dominated sentiment on the one-year anniversary of the beginning of the stock market's rebound from its lows last year.

S&P 500 futures fell 3.2 points to 1133.90 and Nasdaq 100 futures dropped 4.75 points to 1883.50. Futures on the Dow Jones Industrial Average declined 19 points to 10,519.

Stocks finished mixed on Monday, with the Dow Jones Industrial Average dropping 0.1%. The Nasdaq Composite gained 0.3%, while the S&P 500 index edged down 0.02%.

Through March 4, the S&P 500 was up 66% from its March 9, 2009 low.

"It may be the first anniversary of the global equity-market rebound from the lows of March 2009, but with volumes slowing and Wall Street finishing rather mixed, the temptation may well be to leave the champagne on ice for a little longer yet as this latest rally runs out of steam," said Ben Potter, research analyst at IG Markets, in a note to clients.

No economic data are due for release on Tuesday. Chicago Fed President Charles Evans will speak on the economic outlook at 9:30 a.m., EST.

In Washington, Greece's Prime Minister George Papandreou is scheduled to meet with U.S. President Barack Obama. Pressure on debt-laden Greece has eased after the nation approved additional austerity measures and successfully sold a new 10-year bond last week.

Speaking at the Brookings Institution on Monday, Papandreou reiterated that Greece hasn't requested a bailout, but he wants European support to ensure that his nation can borrow in the global markets.

On the corporate front, Cisco Systems Inc. (CSCO) is due to make a major announcement on Tuesday morning that it says "will forever change the Internet." Analysts believe it is a new networking technology for wireless carriers.

Shares of Marsh & McLennan Cos. (MMC) could be in focus on a report that the company has put its corporate investigations unit Kroll up for sale, with a price tag of around $1.3 billion, the Financial Times reported.

General Growth Properties Inc. (GGP) said it received a proposal from Fairholme Capital Management, one of its largest unsecured creditors, and Pershing Square Capital Management, one of GGP's largest equity holders and a significant unsecured creditor to help it emerge from bankruptcy.

Several companies, including Kroger Co. (KR), J. Crew Group Inc. (JCG) and Collective Brands Inc. (PSS), will release quarterly results.

Texas Instruments Inc. (TXN) on late Monday narrowed its sales and earnings outlook for the first quarter.

TiVo Inc. (TIVO), meanwhile, reported a wider fourth-quarter loss due to greater costs.

European equity markets and commodity futures were also weaker on Tuesday.

The Stoxx Europe 600 index fell 0.1% in intraday trading. Shares of European Aeronautic Defence & Space Co. (EAD.FR, EADSY), or EADS, dropped more than 5% in Paris after the aerospace and defense firm swung to a fourth-quarter loss of EUR1.06 billion, compared with net income of EUR812 million in the same period a year ago.

In the commodity markets, April oil futures dropped $1.25 to $80.62 a barrel in electronic trading on Globex. The American Petroleum Institute will release its weekly inventory data at 4:30 p.m., EST. Analysts polled by Platts expect an increase of 2.1 million barrels in U.S. crude oil stocks.

Gold futures also dropped, with the April contract down $6 to $1,118 an ounce.

The U.S. dollar rose against most other major currencies, weighing on dollar-denominated commodities such as gold and oil.

The dollar index, which tracks the greenback against a trade-weighted basket of currencies, gained 0.2% to 80.667.