US Stock Futures Down On Greek Rescue Delay

US stock futures are lower this morning, after euro zone finance ministers postponed a decision on a Greek bailout package. Futures on the Dow Jones Industrial Average dipped 60 points to 11,878.00 and futures on the S&P 500 stock index fell 6.60 points to 1,259.40. Nasdaq 100 futures dropped 11.00 points to 2,179.25. US stocks closed mostly higher on Friday, with the Dow Jones industrial average gaining 0.36% to 12,004.36, the broader Standard & Poor's 500 index rising 0.30% to 1,271.50 and the NASDAQ composite index dipping 0.28% to 2,616.48. PetSmart Inc PETM announced its plans to repurchase $450 million in company stock and lift its quarterly dividend to 14.5 cents per share, up from the current $0.12 per share. Buckeye Technologies Inc BKI announced its plans to close a Canadian manufacturing facility by the end of 2012. Silvercorp Metals Inc SVM announced its plans to repurchase up to 5.7% of its outstanding shares from June 29, 2011 to June 28, 2012. The company plans to acquire up to 10 million shares of its common stock over the next year. PNC Financial Services Group PNC agreed to purchase the US retail banking arm of Royal Bank of Canada RY for $3.45 billion in cash and stock, The Wall Street Journal reported. Most Asian markets ended lower, with Japan's Nikkei Stock Average rising 0.03%, Australia's S&P/ASX 200 moving down 0.85% and China's Shanghai Composite dropping 0.76%. Hong Kong's Hang Seng Index fell 0.44% and India's Sensex dipped 1.95%. European markets were lower today. The STOXX Europe 600 Index has dropped 0.67%, London's FTSE 100 Index moved down 0.90%, German DAX 30 index fell 1.17% and France CAC 40 index declined 1.31%. Euro Group finance ministers said that a decision on a second bailout package for Greece will be postponed until mid-July, and would be dependent on the Greek parliament passing a controversial austerity package. The dollar index (DXY) surged 0.4% to 75.301. Crude oil futures for July delivery dropped $1.14 to $91.87 a barrel. Gold futures for August delivery declined $0.40 to $1,538.70 an ounce.