Futures Slide Amid Global Recovery Fears

Futures tumbled Friday, pointing to a possible sixth-consecutive losing week, following a dismal trade data from China underscored fears of a weakening global economy.

Stocks snapped a six-day losing streak in the previous session, after investors cheered the international trade report and following the Greek Cabinet's decision to support a new round of austerity measure for its debt-ridden nation.

Import prices rose for an eight straight month in May despite a drop in fuel costs, with the year-on-year increase reaching its highest level in nearly three years, according to the Labor Department.

Import prices climbed 0.2 percent last month, confounding forecasts for a 0.7 percent decline and following April's revised 2.1 percent jump. In the year to May, import prices surged 12.5 percent, the largest gain since September 2008.

Exports prices rose 0.2 percent after a downwardly revised 0.9 percent gain. Analysts had been looking for a 0.3 percent gain.

China reported a smaller-than-expected trade surplus in May due to soaring imports and weaker global demand growth. China's sales to the U.S. and Europe slipped to their weakest since late 2009, underscoring the view that the global economy may be stumbling.

Travelers said it is slowing down its share buyback program because of more than $1 billion in losses during the second quarter.

And drugmaker Pfizer won EU regulatory clearance to acquire Danish medical services company Ferrosan's consumer healthcare business from Altor 2003 Fund.

UBS is looking for at least four potential sites in Manhattan as part of plans to relocate its North American investment banking headquarters from Connecticut to New York City, according to Reuters.

On the earnings front, Lululemon jumped in pre-market trading after the yoga-wear retailer posted stronger-than-expected results, thanks to gains in online and in-store sales.

Kohlberg Kravis Roberts and TPG have decided not to bid for a stake in NokiaSiemens Networks after failing to agree on a price and level of control over the company.

Meanwhile, Ally Financial delayed a $6 billion IPO, concerning investors about the weak performance of financial stocks during the market's recent decline.

Oil prices slippedafter Saudi Arabia began offering more oil to Asian refiners, easing worries about supply following an inconclusive OPEC meeting.

European shares fellamid concerns over the pace of global economic recovery, though stocks pared losses after the German parliament voted in favor of a motion to approve new aid for Greece.

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