11 June 2004, 12:41  U.S. Stock-Index Futures Decline; Intel, AMD Fall in Europe

U.S. stock-index declined. Shares of semiconductor companies including Intel Corp., Texas Instruments Inc. and Advanced Micro Devices Inc. fell in Europe as UBS AG lowered its outlook for the global chip industry. Standard & Poor's 500 Index futures expiring in June fell 3 to 1133.20 as of 9:01 a.m. in London. Dow Jones Industrial Average futures declined 23 to 10,367 and Nasdaq-100 Index futures slipped 3.5 to 1482.50. U.S. markets are closed today for the funeral of former President Ronald Reagan. UBS cut its rating on the chip industry to ``neutral'' from ``overweight,'' it said in a note to investors today.
Intel, the world's largest semiconductor maker, declined 18 cents to $28.46 in Germany. Advanced Micro Devices, the world's second-largest maker of personal-computer processors, fell 11 cents to $15.64. Texas Instruments, the world's biggest maker of mobile-phone chips, lost 32 cents to $24.81. Hewlett-Packard, the world's No. 2 computer maker, slipped 11 cents to $1.64 in Germany. Microsoft, the world's biggest software company, lost 22 cents to $26.55 in German trading. All 19 Dow stocks trading in Europe declined. Trading in U.S. stocks in Europe may be lackluster today as U.S. markets are closed. Economic reports due on Monday include U.S. retail and trade deficit figures. Sales at U.S. retailers probably rose in May for the seventh time in eight months as purchases of autos rebounded and record gasoline prices bolstered service station receipts, a survey of economists showed, before of a government report Monday. Sales may have risen 1.1 percent rise following April's 0.5 percent decline, according to the median of 29 forecasts. The Commerce Department report is due at 8:30 a.m. Monday.
A separate report from the Commerce Department due Monday may show the U.S. trade deficit in April was the second widest on record, as soaring energy prices and strengthening demand boosted the value of imports, a survey of economists showed. U.S. imports may have exceeded exports by $45 billion last month, near the record of $46 billion set in March, according to the median of 62 forecasts in a Bloomberg survey. The report is also scheduled for publication at 8:30 a.m. in Washington. U.S. stocks advanced yesterday, sending the Standard & Poor's 500 Index to its third straight weekly gain, the longest stretch since January. For the week, the S&P 500 rose 1.2 percent. The Dow average added 1.6 percent and the Nasdaq gained 1.1 percent. The S&P 500 increased 5.14, or 0.5 percent, to 1136.47. The Dow average rose 41.66, or 0.4 percent, to 10,410.10. The Nasdaq Composite Index added 9.26, or 0.5 percent, to 1999.87. All three indexes gained for a fourth day in five. ///www.bloomberg.com

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