US STOCKS-Futures tumble on Greece concerns, China data

* Qualcomm jumps in premarket, to buy back shares

* Crude oil falls; Exxon, Halliburton weaker

* Futures down: Dow 103 pts, S&P 12.5 pts, Nasdaq 25.75 pts

By Ryan Vlastelica

NEW YORK, March 10 (Reuters) – S&P Futures fell on Tuesday, pressured by weaker-than-expected data out of China as well as ongoing concerns about debt talks in Greece.

* Concern also came from a report that the Basel Committee may ask banks to boost capital as a sufficient cushion in case of spikes in interest rates. Rate policy has been a primary driver of equities of late; on Friday, the S&P 500 suffered its biggest one-day decline in almost two months after a stronger-than-expected jobs report was seen as goading the Federal Reserve into speeding up its time frame for raising rates.

* Euro zone ministers agreed that technical talks between finance experts from Athens and its international creditors would start on Wednesday, with the aim of unlocking further funding. However, the ministers warned Greece that it had “no time to lose.”

* Greece’s debt issues have been on the back burner for U.S. investors of late, but they continue to watch the region with caution. While the U.S. has little direct exposure to the country, there are concerns that extended uncertainly could spread throughout the euro zone.

* In China, the pace of inflation unexpectedly picked up in February while producer prices continued to slide, underscoring the intense pressure on profit margins at Chinese companies and adding urgency to policymakers’ efforts to find new ways to support growth.

* Despite the weakness implied by futures, the S&P 500 is about 1.8 percent below its record closing high from last week, while the Dow is about 1.6 percent below its record.

* In company news, Qualcomm Inc rose in premarket trading a day after the chipmaker said it would buy back up to $ 15 billion of shares and raise its quarterly dividend.

* Urban Outfitters Inc late Monday reported earnings that beat expectations, lifted by an increase in same-store sales.

* Energy shares will likely be in focus as crude oil fell 0.6 percent, down for its third day of the past four sessions. Exxon Mobil fell 0.9 percent to $ 84.39 in premarket trading while Halliburton Co was off 1.5 percent to $ 41.40.

Futures snapshot at 6:52:

* S&P 500 e-minis were down 12.5 points, or 0.6 percent, with 103,417 contracts changing hands.

* Nasdaq 100 e-minis were down 25.75 points, or 0.58 percent, in volume of 16,681 contracts.

* Dow e-minis were down 103 points, or 0.57 percent, with 18,471 contracts changing hands.

(Editing by W Simon)

S&P Futures

You may also like...

Rules of Discussion on US STOCKS-Futures tumble on Greece concerns, China data

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is strictly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Members are requested to flag any violations to keep Forum Clean.