San Francisco Chronicle
U.S. stock futures dropped as concern mounted that the so-called fiscal cliff will harm the economy and as euro-area finance ministers and the International Monetary Fund failed to agree on how Greece will repay its debt.
Microsoft Corp. slipped 4.5 percent after saying its Windows president is departing. AK Steel Holding Corp. slid 11 percent as it forecast a wider-than-expected fourth-quarter loss with a decline in prices for the last three months of the year. Home Depot Inc., the largest U.S. home improvement retailer, gained 1.9 percent as its profit beat estimates.
Standard & Poor’s 500 Index futures expiring in December decreased 0.8 percent to 1,367.80 at 9:15 a.m. in New York. Dow Jones Industrial Average futures dropped 84 points, or 0.7 percent, to 12,696.
“The psychology is very negative and people are looking for reasons to take risk off,” Michael Holland, who oversees more than $4 billion in assets as chairman of New York-based Holland & Co., said in a phone interview. “This morning the reasons du jour started out with Europe and the kerfuffle over Greece and then you have the fiscal cliff.”