U.S. Stock Futures Fall

U.S. stock futures slipped on Wednesday as recent optimism about a bailout deal for Greece faded.

S&P 500 futures lost four points, or 0.2%, to 2112. E-mini Dow futures fell 58 points, or 0.3%, to 18010, and e-mini Nasdaq-100 futures slipped seven points, or 0.2%, to 4534. Changes in stock futures don't always accurately predict moves in the stock market after the opening bell.

European stocks also fell. Germany's DAX lost 1.1% and France's CAC-40 fell 0.5%. Greece and its international creditors remain divided over measures Athens must implement before receiving bailout aid, according to a document seen by The Wall Street Journal. Eurozone finance ministers want to hammer out a deal at a Wednesday meeting on what Greece must do in order to receive funding. A summit of European leaders on Thursday and Friday could be the last chance to find a solution if Wednesday's meeting is unsuccessful.

Without an agreement before the end of the month, Greece is set to default on a June 30 payment to the International Monetary Fund, which would fuel concerns about the country's potential exit from the eurozone.

In recent days, the market has been driven by investors making passive bets on stocks, such as buying or selling through stock-index futures or exchange-traded funds, rather than making bets on individual shares, traders said. That tends to happen when investors are focusing on broad economic or political news, such as Greece's bailout negotiations.

"All this euphoria the last two days about Greece had seen a lot of capital go back into global stock markets," said Colin Cieszynski, chief market strategist at CMC Markets. "Today that is subsiding," he added.

Stocks rose slightly Tuesday, propelling the Nasdaq Composite to a record close. The Nasdaq added 0.1% to 5160.09. The Dow gained 0.1% to 18144.07 and the S&P 500 advanced 0.1% to 2124.20.

For the month, the Dow has added 0.7% and the S&P has increased 0.8%, through Tuesday's close. The Nasdaq Composite has advanced 1.8% in the same period.

On Wednesday morning, investors will receive the third reading on U.S. gross domestic product in the first quarter. GDP is expected to be revised to a 0.2% contraction from a 0.7% contraction, according to economists surveyed by The Wall Street Journal.

In commodity markets, gold futures were nearly flat at $1177.00 an ounce. Crude-oil futures added 0.1% to $61.06 a barrel.

The yield on the 10-year Treasury note slipped to 2.391% from 2.409% on Tuesday. Yields fall as prices rise.

In corporate news, shares of Boeing Co. slipped 0.5% in premarket trade. The company said Chief Executive Jim McNerney will step aside next week and be replaced by Dennis Muilenburg , who has been Boeing's president and chief operating officer since December 2013.

Home builder Lennar Corp. said its profit rose 33% in its latest quarter, beating expectations. Shares gained 4% premarket.

Write to Saumya Vaishampayan at [e-mail]

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