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Futures Slip; Apple Tops $700, FedEx Falls

CNBC.com
Tuesday, 18 Sep 2012 | 9:02 AM ET

U.S stock index futures held losses Tuesday, after major indexes snapped a four-day win streak, amid uncertainties over Spain.

European shares traded lower amid concerns that Spain will not seek assistance from the ECB's bond-buying program.

"Unless we get this (Spanish) uncertainty out of the way, we expect the euro to face some resistance around its highs," Adam Myers, senior currency strategist at Credit Agricole, told Reuters.

Stocks pulled back from multi-year highs Monday, snapping a four-day rally, as euphoria over the Fed's decision to launch another round of QE diminished. But there were deep disagreements between policymakers over whether the new round of bond-buying would actually boost the ailing economy.

Chicago Fed President Charles Evans said the central bank's decision to launch another round of bond buying will provide "important added stimulus" to the economy. Meanwhile, Dallas Fed President Richard Fisher told CNBC he would have voted against itbecause he believes the program won't do much to create jobs.

FedEx reported quarterly earnings that beat analysts' expectations, but shares fell after the package delivery company cut its profit estimatesfor its fiscal year 2013. Rival UPS also slipped.

'I Would Have Voted Against It': Fisher on QE3
"Instead of hammering the Federal Reserve, point your finger at the Congress," says Richard Fisher, Dallas Federal Reserve president, discussing his opposition of additional quantitative easing and what Congress should do to create jobs.

Applecrossed above $700 a share for the first time in after-hours trading Monday, after the tech giant said its iPhone 5 sales set a record over the weekend.

Advanced Micro Devices fell sharply after the chipmaker said its CFO, Thomas Seifert, is leaving the company after joining the company in 2009.

Ford is scheduled to unveil its redesigned 2013 Fusion. The Fusion has become automaker's best-selling model since it went on sale in 2005.

"The increasing Middle East turmoil threatens to trigger even more chaos in the troubled region...The forthcoming domestic election will likely bring even more uncertainty. The market hates uncertainty," wrote David Brown, chief market strategist of Sabrient Systems.

On the economic front, the U.S. current account deficit narrowed more than expected to $117.40 billion in the second quarter, according to the Commerce Department. Analysts surveyed before the report had expected the current account gap to shrink to $125.5 billion.

The National Association of Home Builders’ sentiment index for September is due at 10 a.m ET. Analysts polled by Briefing.com forecast it will stand at 38, up from 37 in August. The weekly Mortgage Bankers Association index will also be released on Wednesday.

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

Coming Up This Week:

TUESDAY: Housing market index, Fed's Lacker speaks, Ford Fusion launch
WEDNESDAY: Weekly mortgage apps, housing starts, existing home sales, oil inventories; Earnings from AutoZone, General Mills, Adobe Systems, Bed Bath & Beyond
THURSDAY: Jobless claims, Philadelphia Fed survey, leading indicators, Fed's Kocherlakota speaks; Earnings from CarMax, ConAgra, Rite Aid, Oracle
FRIDAY: Quadruple witching, Fed's Lockhart speaks, iPhone 5 shipping date

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