NEW YORK—U.S. stock futures slipped as concerns over a weakening economy in Europe prompted investors to consolidate some of the market’s recent gains.
About 90 minutes before Wednesday’s opening bell, Dow Jones Industrial Average futures edged down 13 points, or 0.1%, to 12377. The Dow rose 70 points, or 0.6%, on Tuesday to close at the highest level seen since July 26.
Standard & Poor’s 500-stock index futures eased 2 points, or 0.2%, to 1284 and Nasdaq 100 futures slipped 4 points, or 0.2%, to 2360. Changes in stock futures don’t always accurately predict stock moves after the opening bell.
European markets declined, with the Stoxx Europe 600 down 0.6%, after the German government’s statistics office said the country’s economy probably contracted by around 0.25% in the fourth quarter.
In addition, data showed that Spanish industrial output dropped 7% in November from a year ago after declining 4.2% in October, suggesting Spain’s economy may have also contracted in the fourth quarter.
Adding to investor jitters, the European Central Bank said its overnight deposit facility reached another record, suggesting euro-zone banks prefer to park cash safely at the ECB than lend to other banks.
Meanwhile, an auction of five-year German government debt attracted very strong demand, with the average yield for that maturity below for 1% for the first time on record.
Asian bourses were mostly higher on the back of U.S. gains, although China’s Shanghai Composite pulled back 0.4% after running up 6.4% over the previous three sessions. Japan’s Nikkei Stock Average tacked on 0.3% and Hong Kong’s Hang Seng Index added 0.8%.
Gold futures rose 0.5% to $1,639.30 an ounce, while crude oil futures edged 0.4% lower to $101.84 a barrel. The U.S. dollar rose against both the euro and the yen.
There were no major economic releases scheduled; weekly jobless claims and monthly retail sales report are due Thursday.
In corporate news, Hostess Brand, the privately-held maker of Twinkies and Wonder Bread, filed for bankruptcy protection in New York. The company, which employs about 19,000 people and has more than $860 million in debt, has been facing a cash squeeze amid high labor costs and rising prices for sugar and flour.
Elsewhere, Eastman Kodak has filed lawsuits against Apple and Taiwan’s HTC alleging the infringement of patents related to digital imaging technology. The struggling imaging company’s stock jumped 13% in premarket trading but remained below $1 a share. Apple shares edged up 0.1%.
Urban Outfitters dropped 17% after the apparel retailer said its chief executive officer, Glen Senk, has resigned to pursue another opportunity. He will be succeeded as CEO by Richard Hayne, currently the company’s chairman.
Lennar shed 1.7% after the homebuilder reported fourth-quarter earnings that fell shy of estimates, offsetting better-than-expected revenue.
Crocs climbed 5.6% after the company said it expects fourth-quarter revenue to be at the high end of its previously forecasted range of $200 million to $205 million, and full-year revenue to top $1 billion for the first time.