U.S. Stock Futures Fall On Europe Concern, Commodities

U.S. stock futures fell, indicating the Standard & Poor’s 500 Index will trim its biggest weekly gain in 2012, as commodities tumbled and disappointing economic data in Europe added to concern about a global slowdown.

Freeport-McMoRan Copper & Gold Inc. (FCX) and Newmont Mining Corp. (NEM) dropped more than 1 percent. McDonald’s Corp. (MCD), the world’s largest restaurant chain, retreated 2.9 percent as its May sales trailed analysts’ estimates. Chesapeake Energy Corp. (CHK) gained 0.8 percent after agreeing to sell its pipeline interests to Global Infrastructure Partners for $4.08 billion.

S&P 500 futures expiring in September fell 0.3 percent to 1,305.9 at 8:38 a.m. New York time. The benchmark gauge has risen 2.9 percent this week. Dow Jones Industrial Average futures lost 46 points, or 0.4 percent, to 12,360 today.

Equity futures joined a global slump as German exports dropped in April for the first time this year as weaker global growth curbed demand. French business confidence and Italian output also declined. The trade deficit in the U.S. narrowed in April as a drop in imports overshadowed the first decline in exports in five months.

Investors also watched Europe’s attempts to tame its debt crisis. Spain is poised to become the fourth of the 17 euro-area countries to require emergency assistance as the currency bloc’s finance chiefs plan weekend talks on a potential aid request to shore up the nation’s lenders.

Weekly Advance

The S&P 500 is headed for its biggest weekly advance since December 23 as China cut itsinterest rate and European Central Bank President Mario Draghi said officials stand ready to act as the euro region’s outlook worsens. Most stocks fell yesterday as an early rally fizzled after Federal Reserve Chairman Ben S. Bernanke said the central bank will assess the economy before deciding on whether more stimulus is needed.

Commodity shares declined today amid concern that a global slowdown could reduce demand for raw materials. Freeport- McMoRan, the world’s biggest publicly traded copper miner, dropped 1.5 percent to $33.08. Newmont Mining, the largest U.S. gold producer, slid 1 percent to $50.19.

McDonald’s dropped 2.9 percent to $85.85. Sales at stores open at least 13 months rose 3.3 percent globally last month, falling short of analysts’ estimates, as sales stalled in Japan and China.

Chesapeake Energy advanced 0.8 percent to $18. The transaction will allow Chesapeake, the energy explorer facing a $22 billion cash shortfall because of falling natural-gas prices, to cut its previously budgeted capital expenditure plan by about $3 billion, the company said in a statement today.