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U.S. Stock-Index Futures Fall as Investors Await Confidence Data

June 27 (Bloomberg) -- U.S. stock-index futures fell, with the Standard & Poor’s 500 Index heading for a weekly decline, as investors awaited data on U.S. consumer confidence to gauge the health of the world’s largest economy.

DuPont Co. fell 3.5 percent after the maker of Pioneer genetically-modified corn trimmed its full-year earnings forecast as farmers switched to soybeans. Nike Inc. added 3 percent after the largest sporting-goods maker posted fourth- quarter profit that beat analysts’ estimates. GoPro Inc. rose 1.9 percent after shares surged 31 percent yesterday on their trading debut.

Futures on the S&P 500 expiring in September fell 0.2 percent to 1,944.7 at 8:32 a.m. in New York. Dow Jones Industrial Average contracts declined 29 points, or 0.2 percent, to 16,733.

“I imagine that we see more range-bound trading in the short-term while the medium-term outlook for equities should stay constructive,” Christoph Riniker, head of strategy research at Julius Baer Group Ltd. in Zurich, said in an interview. “Some consolidation cannot be excluded. The macro picture generally is on cruising speed in the U.S.”

The S&P 500 has lost 0.3 percent this week, paring its gain in June to 1.8 percent. Stocks retreated yesterday as James Bullard, president of the Federal Reserve Bank of St. Louis, suggested that higher interest rates may occur in the first quarter of next year.

The benchmark index has advanced 4.5 percent this quarter, reaching a record on June 20, as reports showed the economy is recovering from extreme weather. Investors shrugged off data this week showing U.S. gross domestic product shrank 2.9 percent in the first quarter, the worst reading since 2009.

Consumer Confidence

Fed Chair Janet Yellen last week said accommodative monetary policy, rising property and equity prices and the improving global economy should lead to above-trend growth.

A report at 9:55 a.m. New York time may show that consumer confidence in the U.S. rose in June, following preliminary data that signaled a drop. The Thomson Reuters/University of Michigan index of sentiment will come in at 82, compared with the earlier estimate of 81.2 and a reading of 81.9 in May, economists in a Bloomberg survey predicted.

The benchmark index trades at 16.6 times the projected earnings of its members, close to its highest valuation in four years.

U.S. stocks are poised for the third-slowest month in six years. About 5.6 billion shares have changed hands each day in June, trailing every month since 2008 except for the previous two Augusts, data compiled by Bloomberg show. The S&P 500 has failed to post a gain or loss exceeding 1 percent for 49 straight days, the longest stretch since 1995.

Russell Revision

Russell Investments concludes the annual revisions to its equity benchmark gauges today. Russell’s U.S. stock indexes, including the Russell 1000 Index and the Russell 2000 Index, are used as benchmarks for $5.2 trillion in assets, according to the company’s website. In the previous two years, the reconstitution day ranked in the top two busiest trading sessions, data compiled by Bloomberg show.

With the end of the quarter, investors should expect about $20 billion in selling of equities and some buying of bonds as pension fund managers rebalance their portfolios, Boris Rjavinski, a strategist at UBS AG, estimated in a June 23 report.

DuPont slipped 3.5 percent to $65.35 today. Some farmers have switched to soybeans this year after the price of corn slumped from a record in 2013, leading DuPont to take more writedowns on seed inventories than it expected. Monsanto Co. also said this week that its corn profit was lower in its most recent fiscal quarter.

Sports Gear

Nike increased 3 percent to $79.13. Nike is benefiting from consumers increasingly buying athletic apparel and gear for everyday wear, not just when working out or playing sports. The trend has helped the company generate growth in mature markets such as North America, where sales gained 10 percent last quarter.

Finish Line Inc. jumped 5.7 percent to $30.80 as the athletic-wear retailer reported first-quarter earnings and revenue that surpassed analyst estimates.

GoPro gained 1.9 percent to $31.95. The San Mateo, California-based company, whose cameras let surfers, skiers and sky divers record their exploits, jumped yesterday after raising $427 million in a sale of its shares for $24 each.

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