In the U.S.: Stock Futures Little Changed As Facebook Slumps

22 May 2012


Facebook seems to be the elephant in the room, even with yesterday’s exciting uptick.

U.S. stock futures were little changed, following the biggest gain in two months for the Standard & Poor’s 500 Index, as Facebook Inc. (FB) retreated and investors speculated China andEurope will stimulate growth.

Facebook fell 3.3 percent after an 11 percent drop yesterday. Best Buy Co., the largest U.S. consumer-electronics retailer, slid 1.8 percent after rallying earlier on better- than-estimated earnings.

S&P 500 (SPX) futures expiring in June increased less than 0.1 percent to 1,316 at 8:47 a.m. New York time. Dow Jones Industrial Average futures lost 4 points, or less than 0.1 percent, to 12,486.

Equity futures were little changed on economic optimism after the China Securities Journal reported the nation plans to speed up approval of infrastructure projects and allocate construction funding faster to improve growth. European leaders will do “everything necessary” to keep Greece in the 17-nation euro and focus on steps to aid economic expansion, German Finance Minister Wolfgang Schaeuble said yesterday.

Investors also watched corporate results as about 70 percent of the companies that reported first-quarter earnings beat estimates, according to data compiled by Bloomberg. Better- than-estimated profits and economic data helped fuel gains in stocks this year. The S&P 500 has risen 4.6 percent in 2012.

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