The negativity triggered by the unsavory political developments in Greece has done little to help the markets' cause, as suggested by the index futures. Stocks remain poised to open slightly lower on Wednesday due to the risk aversion set in motion by fears of the ramifications of a potential exit by Greece from the eurozone. A housing and industrial production, both due for release before the markets open may also impact sentiment. Commodities are extending their slide and the euro is trading at 4-month lows against the dollar.
As of 6:30 am ET, the Dow futures are declining 18 points, the S&P 500 futures are retreating 2.2 points and the Nasdaq 100 futures are moving down 3.50 points.
On the economic front, a report on housing starts is slated to be released at 8:30 am ET. Economists estimate housing starts for April to come in at 690,000 each, while building permits are expected to have declined to 725,000. In March, housing starts fell 5.8 percent to 654,000 compared to a 4.5 percent increase in building permits.
The Federal Reserve's industrial production report is due out at 9:15 am ET. Economists estimate 0.3 percent growth in industrial production for April, while manufacturing output growth is also estimated at 0.5 percent. Capacity utilization may have edged down slightly to 79 percent.
The Energy Information Administration is scheduled to release its weekly petroleum inventory report for the week ended May 11th at 10:30 am ET.
St. Louis Federal Reserve Bank President James Bullard is scheduled to speak at the Lousiville branch of the Bank on the subject of "The U.S. Economy and Monetary Policy" at 12:30 pm ET.
At 2 pm ET, The Federal Reserve is due to release the minutes of it's April 24th-25th meeting.
In corporate news, Pfizer (PFE) said Phase III trials with its advanced renal cell carcinoma treatment TORISEL did not meet the primary endpoint of prolonging progression free survival when compared to sorafenib.
J.C. Penney's (JCP) first quarter results missed expectations. Citing some one-time expenses, the company said it no longer expects to meet its GAAP earnings guidance of $1.59 per share, but it reaffirmed its non-GAAP earnings guidance of $2.16 per share. The company also said it would discontinue its dividend.
Avago Technologies (AVGO) and Triquint Semiconductor (TQNT) announced that they have agreed to settle all claims between the companies. The companies did not reveal the terms of settlement.
P.F. Chang (PFCB) announced that Centerbridge Partners have commenced its previously cash tender offer to acquire all outstanding shares of the company for $51.50 per share.
THQ, Inc. (THQI) reported a fourth quarter loss of 12 cents per share on a non-GAAP basis on non-GAAP revenues of $170.7 million. The results were better than expected.
Cost Plus (CPWM), Ctrip (CTRP), DryShips (DRYS), Hot Topic (HOTT), Jack in the Box (JBX), Limited Brands (LTD), Netease.com, (NTES) and Red Robin (RRGB) are among the companies due to release their quarterly results after the markets close.
The major Asian markets ended the session notably lower, as Greek worries served as a major drag and accentuated worries concerning the situation in the eurozone.
Japan suffered a double whammy, as worries set in motion by the developments in Greece were compounded by an insipid core machinery orders data. The Nikkei 225 average ended down 99.57 points or 1.12 percent at 8,801.
Australia's All Ordinaries declined steadily throughout the session before closing down 101.60 points or 2.35 percent at a 4-month low of 4,215. Hong Kong's Hang Seng Index ended down 634.48 points or 3.19 percent at 19,260, the lowest closing level since January 16th, 2012.
The major European markets are lower yet again, with the still-fluid situation stifling any kind of rebound.
In corporate news, EADS, owner of Airbus, reported a profit of 133 million euros for the first quarter compared to a loss of 12 million euros last year. The company also increased its earnings forecast for the full year to over 1.85 euros per share, while maintaining its jet deliveries forecast.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.