US STOCKS-Futures down on Greece debt crisis

* Greek sovereign debt crisis in focus

* ADP employment report, ISM services sector index due

* Futures down: S&P 3.6 pts, Dow 27 pts, Nasdaq 8 pts

* For up-to-the-minute market news see [STXNEWS/US]

NEW YORK, May 5 (BestGrowthStock) – U.S. stock index futures fell
on Wednesday as investors continued to anxiously eye the Greek
sovereign debt crisis and its potential contagion.

* Tens of thousands of striking Greeks protested against
austerity plans, testing the government’s determination to
carry out draconian budget cuts in exchange for billions of
euros in aid.

* Fears over which nation might be next weighed on markets
unconvinced that the massive bailout for Greece would stop the
crisis from spreading to other vulnerable euro zone countries
like Spain and Portugal.

* German Chancellor Angela Merkel and the head of the IMF
warned of financial contagion unless the crisis was stopped in
Greece. For details, see [ID:nTOPNOW2]

* World stocks fell to eight-week lows and the euro hit a
one-year trough on Wednesday.

* Wall Street had its worst sell-off in three months on
Tuesday and the CBOE Volatility Index (.VIX: ), Wall Street’s
so-called fear gauge, finished at its highest level in almost
three months.

* On the macro front, ADP releases its April employment
report at 8:15 a.m. [1215 GMT]. Economists in a Reuters survey
expect 30,000 jobs were created in April versus a loss of
23,000 jobs in March. The report serves as a precursor to the
all important non-farm payroll figures due on Friday.

* At 10:00 a.m. EDT [1400 GMT], the Institute of Supply
Management releases its services sector index for April.
Economists expect a reading of 56.0 versus 55.4 in the prior

* S&P 500 futures (SPc1: ) were down 3.6 points and in line
with 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 27 points, while Nasdaq 100 futures (NDc1: ) dipped 8

* Time Warner Inc (TWX.N: ) posted a better-than-expected
quarterly profit early Wednesday after a strong rebound in
advertising sales at its cable television networks and
magazines as well as strong DVD sales. [ID:nN04115489]

* Oil (CLc1: ) fell below $82 a barrel a day after suffering
its steepest one-day percentage loss in three months, on rising
oil inventories and a firm dollar.

* A flotilla of nearly 200 boats tackled a massive oil
slick in the Gulf of Mexico, taking advantage of calm weather
to intensify containment efforts [nSPILL]

Stock Market Today

(Reporting by Angela Moon; editing by Jeffrey Benkoe)

US STOCKS-Futures down on Greece debt crisis