US STOCKS-Futures fall after rally on Spain debt worry

* BP ADRs fall 4 3 pct ahead of White House meeting

* EC denies report of Spain liquidity plan

* Futures down: Dow 27 pts; S&P 5.2 pts; Nasdaq 7 pts

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

NEW YORK, June 16 (BestGrowthStock) – U.S. stock index futures fell
on Wednesday, a day after Wall Street jumped more than 2
percent, on new concerns about Spain’s fiscal problems, while
investors awaited data on housing and producer prices.

* The European Commission denied a report the European
Union, the International Monetary Fund and the U.S. Treasury
were drawing up a liquidity plan for Spain. For details, see

* The premium that investors demand to hold 10-year Spanish
government bonds rather than euro zone benchmark German Bunds,
hit a euro lifetime high.

* The euro, used in the current climate to assess
investors’ risk appetite, briefly hit a two-week high before
dropping against the U.S. dollar.

* “After the rumor about Spain and further problems that
were denied, at least some people are questioning if a strong
move (like Tuesday’s) has to run out of steam a little bit,”
said Rick Meckler, president of investment firm LibertyView
Capital Management in New York.

* S&P 500 futures (SPc2: ) fell 5.2 points and were 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 (DJc2: ) lost 27
points, and Nasdaq 100 futures (NDc2: ) dropped 7 points.

* The S&P 500 closed above its 200-day simple moving
average on Tuesday, and its ability to stay above that level
could be tested.

* The Commerce Department will release May housing starts
and permits and the Labor Department reports the May producer
price index, both at 8:30 a.m. EDT (1230 GMT). Economists
expect housing starts at 650,000 and permits at 630,000, while
monthly core PPI is seen at 0.1 percent.

* The Federal Reserve releases May industrial production
and capacity utilization data at 9:15 a.m. (1315 GMT), with
capacity seen at 74.5 percent and monthly output expected up
0.9 percent.

* Energy stocks will be in the spotlight as U.S. President
Barack Obama will demand that BP Plc (BP.L: )(BP.N: ) set aside
billions of dollars to pay damages from the Gulf of Mexico oil
spill. [ID:nN15112656]

* Bank of America-Merrill (BAC.N: ) has ordered traders not
to enter into oil trades with BP that extend beyond June 2011,
a source told Reuters. [ID:nN15104614]

* BP’s New York-traded stock lost 4 percent to $30.14 in
premarket action.

* Investors also awaited quarterly results from bellwether
FedEx Corp (FDX.N: ).

* Coca-Cola Enterprises Inc (CCE.N: ) predicted 2010 earnings
growth slightly better than its prior forecast, citing positive
second-quarter trends.

* Technical glitches thwarted AT&T Inc (T.N: ) customers
trying to reserve the latest version of Apple Inc (Read more about Apple stock future.)’s (AAPL.O: )
iPhone on Tuesday, the first day of preorders before the device
hits stores on June 24. [ID:nN15169211]

* U.S. shares surged on Tuesday as investors went on a
buying spree, pushing the S&P 500 above its 200-day moving
average for the first time in almost a month.

Stock Market Research

(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)

US STOCKS-Futures fall after rally on Spain debt worry