Stock Futures Cautious as Deere Declines
NEW YORK ( TheStreet) -- Stock futures were little changed Wednesday, easing off fresh highs from the prior session after Deere
Futures for the S&P 500 were down 2.75 points, or 1.99 points below fair value, to 1,645.25.
Deere was falling 3.22% to $90.75 after the company's outlook took on a cautious tone, citing global financial pressures and adverse weather patterns.
The European Union's statistics office in Luxembourg reported Wednesday that euro area growth fell by 0.2% in the first quarter of 2013 after falling 0.6% in the fourth quarter. This worse-than-expected report was offset by Bank of England Governor Sir Mervyn King's remarks Tuesday that there has been a "welcome change in the economic outlook," where growth will be a little stronger and inflation a little weaker than what he expected three months ago.
The Bureau of Labor Statistics reported that the producer price index fell by a more-than-expected 0.7% in April after dipping 0.6% in March. Excluding food and energy, core prices ticked up 0.1%, as expected, up from a 0.2% rise the prior month. Economists, on average, expected the ppi to fall 0.6%.
The New York Federal Reserve reported that the Empire State manufacturing index fell four points to negative 1.4 in May. A rise to 4 was expected by economists, on average, according to Thomson Reuters.
The Federal Reserve is forecast to report at 9:15 a.m. that industrial production fell 0.2% in April following a 0.4% increase in March. Capacity utilization rates might have to fallen to 78.3% in April from 78.5% in March.