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Futures Turn Mixed Ahead of EU Summit

U.S. stock index futures briefly edged higher Wednesday following a better-than-expected durable goods orders report, but quickly erased gains to turn mixed again as investors remained cautious ahead of another EU summit later this week.

Few experts expect much resolution from the two-day meeting that starts Thursday after German Chancellor Angela Merkel reiterated her oppositionto the common Eurobonds, an idea backed by France, Italy and Spain.

European shareswere up slightlywhile the euro was flat.

Italy's six-month borrowing costs roseto 2.957 percent to their highest since December, piling pressure on the government, which will push for concrete steps to ease market tensions at Thursday’s summit.

Durable goods orders jumped 1.1 percent in May, according to the Commerce Department, following a revised 0.2 percent decrease in April. Economists surveyed by Reuters had expected a gain of 0.4 percent.

And pending home sales data for the month of May will be released at 10:00 am ET. The National Association of Realtors is expected to report a 2.3 percent increase in pending home sales, following a 5.5 percent April rise.

Several of Wall Street's largest investment delivered mixed ratingson Facebook's stock , almost a month after the social-networking giant's market debut.

Morgan Stanley, Wells Fargo, Piper Jaffray and JPMorgan initiated coverage of Facebook with an "overweight" rating. Goldman Sachs initiated coverage of the social-networking giant with a "outperform" rating, while Credit Suisse and BofA/Merrill Lynch set a "buy" rating on the stock. Shares closed above $33 in the previous session.

But, Barclays, Stifel Nicolaus and Citi placed a "hold" or equivalent rating on the stock.

Also on the tech front, a U.S. judge backed Apple'srequest to stop Samsungfromselling its Galaxy Tab 10.1 tablet in the U.S., giving the iPad maker a significant win in the global smartphone and tablet patent wars.

Google plans to unveil a $199 tablet co-branded with Tawian's Asustek Computer at its developer conference this week, according to reports.

And Best Buy will be the subject of investor attention after sources said founder Richard Schulze is working with banks including Credit Suisse to explore apotential private buyout deal.

Meanwhile, U.S. drug maker Bristol-Myers Squibb said its board authorized the repurchase of $3 billion of the company's common stock in addition to the $3 billion share buyback program it announced in 2010.

Among earnings, Lennar gained after the homebuilder posted results that beat Wall Street expectations and handed in a gain in new orders for the fifth-consecutive quarter.

General Mills slipped after the maker of cereals and snacks topped profit estimates, but full-year earnings forecast was lighter-than-expected. Monsanto edged higher after the agricultural biotechnology firm posted higher-than-expected earnings.

Weekly mortgage applications dropped 7.1 percent last week, according to the Mortgage Bankers Association.

—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

WEDNESDAY: Pending home sales index, oil inventories, 5-yr note auction
THURSDAY: GDP, jobless claims, 7-yr note auction, farm prices, EU summit, new Verizon mobile data plan, Sara Lee splits into two companies; Earnings from Family Dollar, Research In Motion, Accenture, Nike
FRIDAY: Personal income & outlays, Chicago PMI, consumer sentiment

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