Futures down on Greece ahead of busy earnings day
Thursday, January 19th, 2012– Stock index futures fell on Tuesday as talks to resolve Greece’s debt crisis stumbled again and analysts pointed to a short-term top in equity markets after the S&P 500 posted five days of back-to-back gains.
Euro zone finance ministers rejected an offer by private bondholders to help restructure Greece’s debt, sending negotiators back to the drawing board and raising the threat of a messy Greek default.
“The Greek debt problem is weighing a bit this morning,” said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. “It’s back to worrying about whether Greece is heading for a soft, messy or technical default.”
However, Cardillo said some investors were taking profits after a strong market run, especially given the Federal Reserve’s policy announcement due Wednesday.