Investors in the U.S. and Europe once again flocked to safety despite a plan announced by EU officials to create a “banking union” that could act as a safety net for the region’s troubled banks. Strong gains by stocks on Tuesday were set to vanish on Wednesday, as stock futures fell and Treasury yields dipped again — 10-year notes were yielding 1.68%, a hair’s breadth above record lows. Pending home sales data is expected to be released at 10 a.m.
Dow futures slid 108 points and S&P 500 futures were off 11.9 points. Nymex crude oil futures fell below $90, recently trading at about $89 per barrel.
Research in Motion (RIMM) fell 11% after CEO Thorsten Heins said the company would post a loss for this quarter.
Visa (V) fell 2.6% and MasterCard (MA) dropped 1.2% after Visa reported a slip in aggregate payments volume in April.
Agriculture giant Monsanto (MON) rose 1.9% after announcing better than expected guidance.
Pep Boys-Manny Moe and Jack (PBY) fell 23% after its deal to be bought by a private equity firm fell apart.
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