US STOCKS-Futures down after rally; Greece worries linger

* Pfizer, Merck results beat estimates

* Factory orders, pending homes sales data in focus

* Futures down: S&P 9.3 pts, Dow 69 pts, Nasdaq 15.75 pts

* For up-to-the-minute market news see [STXNEWS/US]
(Adds byline, quote)

By Angela Moon

NEW YORK, May 4 (BestGrowthStock) – U.S. stock index futures sank
on Tuesday on continued worries over Greece’s financial state
and after a broad rally in the previous session that took the
S&P 500 to its biggest day in two months.

Striking public workers challenged the Greek government’s
bailout-for-austerity deal with the European Union and the
International Monetary Fund as investors worried about Athens’
ability to enforce deeper spending cuts. For details, see

The plan to rescue Greece is “a short term relief, and
that’s why we saw a rally yesterday. But just the fact that
they had to make it to this point just reminds investors that
we are not in a good situation,” said Peter Boockvar, equity
strategist at Miller Tabak & Co in New York.

S&P 500 futures (SPc1: ) were down 9.3 points and below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures (DJc1: ) fell 69
points, while Nasdaq 100 futures (NDc1: ) dipped 15.75 points.

Futures extended losses after a security alert was issued
for a London subway station, but London Police later reopened
the Aldgate East station on the edge of the financial district.

Drugmakers will be in view after both Merck & Co Inc
(MRK.N: ) and Pfizer Inc (PFE.N: ) reported better-than-expected
first-quarter profit (Read more your timing to make a profit.)s. [ID:nN03229655] and [ID:nN04254226]

Pfizer shares were up 1.9 percent at $17.24, and Merck
shares were up 0.2 percent at $35.34 in premarket trade.

U.S. March factory orders, to be released by the Commerce
Department at 10 a.m. [1400 GMT], top the list of economic
data. Economists in a Reuters survey expect a month-over-month
drop of 0.1 percent, compared with an 0.6 percent rise in
February. Also at 10, the National Association of Realtors will
release figures for March pending home sales. Economists expect
a rise of 4.0 percent rise month over month, versus an increase
of 8.2 percent in February.

The financial sector will be in view as the U.S. Senate is
set to cast its first votes on a sweeping Wall Street reform
bill, with passage of a handful of uncontroversial amendments
expected and a key procedural question still unsettled.

Energy shares may be in play as the massive oil spill in
the Gulf of Mexico worsens, and BP Plc (BP.L: )(BP.N: ) said it
made progress toward capping the underwater well that ruptured
almost two weeks ago.

Silver Lake and Warburg Pincus will buy Interactive Data
Corp (IDC.N: ), the financial data provider, for $3.4 billion in
cash. [ID:nLDE6430HC]


(Reporting by Angela Moon; Editing by Padraic Cassidy)

US STOCKS-Futures down after rally; Greece worries linger