US Stock Futures Down; All Eyes On EU Summit

US stock futures are lower this morning, as investors are awaiting a meeting of European Union leaders. Futures for the Dow Jones Industrial Average dropped 86 points to 12,391.00 and S&P 500 index futures fell 9.90 points to 1,304.90. Nasdaq 100 futures declined 19.25 points to 2,516.00.
 
US stocks closed mostly lower on Tuesday, with the Dow Jones Industrial Average dropping 0.01% to 12,502.81, the S&P 500 index gaining 0.05% to 1,316.63 and the Nasdaq 100 index declining 0.29% to 2,839.08.
 
Data on April new home sales will be released at 10 a.m. ET.
 
American Eagle Outfitters Inc (NYSE: AEO) is estimated to post its Q1 earnings at $0.20 per share on revenue of $719.99 million. Hewlett-Packard Company (NYSE: HPQ) is expected to post its Q2 EPS at $0.91 on revenue of $29.92 billion.
 
Big Lots Inc (NYSE: BIG) is projected to post its Q1 EPS at $0.69 on revenue of $1.30 billion. PVH Corp (NYSE: PVH) is expected to post its Q1 EPS at $1.26 on revenue of $1.40 billion. Zale Corporation (NYSE: ZLC) is estimated to post a Q3 loss at $0.16 per share on revenue of $433.88 million.
 
Hormel Foods Corp (NYSE: HRL) is estimated to post its Q2 EPS at $0.42 on revenue of $2.05 billion. HHGregg Inc (NYSE: HGG) is estimated to post its Q4 EPS at $0.37 on revenue of $644.19 million. Eaton Vance Corp (NYSE: EV) is projected to post its Q2 EPS at $0.48 on revenue of $300.27 million.
 
Dell Inc (NASDAQ: DELL) reported a 33% drop in its fiscal first-quarter profit.
 
PetSmart Inc (NASDAQ: PETM) reported a 34% rise in its first-quarter profit and lifted its 2012 profit forecast.
 
European markets were lower today. The STOXX Europe 600 Index fell 1.60%, London's FTSE 100 Index dropped 1.90%, French CAC 40 index fell 2.02% and German DAX 30 index declined 1.83%.
 
Asian markets ended lower, with Japan's Nikkei Stock Average falling 1.98%, Chinese Shanghai Composite declining 0.42% and Australia's S&P/ASX 200 dropping 1.31%. Hong Kong's Hang Seng index fell 1.33% and India's Sensex declined 0.61%.
 
The euro dropped 0.32% against the dollar to trade at $1.2643, versus $1.2688 late Tuesday.
 
Nymex crude-oil futures declined $0.97 to trade at $90.88 a barrel in electronic trade. However, gold futures fell $22 to trade at $1,554.60 an ounce.

By Monica Gerson