Wednesday, July 3, 2013

U.S. Stock Futures Decline as Oil Surges on Egypt Unrest

U.S. stock-index futures fell, tracking global equities lower, as crude oil rose above $100 a barrel for the first time since September amid political turmoil in Egypt, and as investors awaited a private report on jobs.

Bank of America Corp. lost 0.8 percent in pre-market trading and Citigroup Inc. declined 1.5 percent in Germany. BlackBerry slid 2.6 percent in early New York trading, indicating the smartphone maker may drop for a fifth day. Sprint Nextel Corp. may move after people familiar with the matter said Softbank Corp.’s bid for the carrier won support from the last U.S. regulatory body reviewing the transaction.

Futures on the Standard & Poor’s 500 Index (SPX) expiring in September slid 0.6 percent to 1,598.4 at 10:58 a.m. in London. Contracts on the Dow Jones Industrial Average lost 76 points, or 0.5 percent, to 14,785 today.

The S&P 500 yesterday fell less than 0.1 percent to 1,614.08. The gauge has slipped 3.3 percent since May 21, the day before Federal Reserve Chairman Ben S. Bernanke said the central bank may taper bond purchases if the U.S. economy improves in line with its forecasts.

The West Texas Intermediate for August delivery surged to as high as $102.18 a barrel, its highest price since May 2012, as political unrest in Egypt sparked concern of Middle East supply disruptions and as a report showed U.S. stockpiles shrank in the week ended June 28.

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