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US stock futures head lower on Wall Street

Created: 06/10/2014 9:57 AM WNYT.com
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NEW YORK (AP) — U.S. futures are drifting lower after yet another record day of trading in the stock markets. Shares of RadioShack are plunging as the retailer's losses begin to mount.

KEEPING SCORE: Less than an hour before the start of regular trading, Dow Jones industrial average futures are down 21 points to 16,915.

Standard & Poor's 500 index futures are down four points to 1,946 while Nasdaq 100 futures have given up seven points to 3,786.

The S&P 500, the most widely used benchmark for mutual funds, crept to another record high on Monday.

BUY BACK: MetLife Inc. said Tuesday that it plans to buy its own shares for the first time in about six years, with the goal of spending up to $1 billion on its own stock. The New York insurer made the announcement ahead of its annual meeting with shareholders. The news sent MetLife's stock up $1.06, or 2 percent, to $55.72 in premarket trading.

FOREVER YOUNG: Botox maker Allergan is rejecting a buyout offer from Valeant Pharmaceuticals and Bill Ackman's Pershing Square Capital Management, saying the $53 billion bid undervalues the company and creates too much risk.

ON SALE: Shares in RadioShack slumped 15 percent after the retailer posted a deeper loss than analysts had expected. Sales also slumped. RadioShack's stock lost 23 cents to hit $1.31 before the opening bell.

EUROPE: The region's major stock indexes are mostly steady. Germany's DAX is up 0.2 percent while France's CAC-40 is up 0.1 percent. In the U.K., the FTSE 100 index has given up 0.3 percent.

BONDS AND COMMODITIES: In the market for U.S. government bonds, the yield on the 10-year Treasury inched up to 2.63 percent from 2.61 percent late Monday. Yields rise when bond prices fall. The price of oil rose 32 cents to $104.73 a barrel.

(Copyright 2014 by The Associated Press. All Rights Reserved.)

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