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US stock futures head lower on Wall Street

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Posted: Jun 10, 2014 7:15 AM

Updated: Jun 10, 2014 7:15 AM

NEW YORK (AP) U.S. futures are drifting lower after yet another record day of trading in the stock markets. Shares of RadioShack are plunging as the retailer's losses begin to mount.

KEEPING SCORE: Less than an hour before the start of regular trading, Dow Jones industrial average futures are down 21 points to 16,915.

Standard & Poor's 500 index futures are down four points to 1,946 while Nasdaq 100 futures have given up seven points to 3,786.

The S&P 500, the most widely used benchmark for mutual funds, crept to another record high on Monday.

BUY BACK: MetLife Inc. said Tuesday that it plans to buy its own shares for the first time in about six years, with the goal of spending up to $1 billion on its own stock. The New York insurer made the announcement ahead of its annual meeting with shareholders. The news sent MetLife's stock up $1.06, or 2 percent, to $55.72 in premarket trading.

FOREVER YOUNG: Botox maker Allergan is rejecting a buyout offer from Valeant Pharmaceuticals and Bill Ackman's Pershing Square Capital Management, saying the $53 billion bid undervalues the company and creates too much risk.

ON SALE: Shares in RadioShack slumped 15 percent after the retailer posted a deeper loss than analysts had expected. Sales also slumped. RadioShack's stock lost 23 cents to hit $1.31 before the opening bell.

EUROPE: The region's major stock indexes are mostly steady. Germany's DAX is up 0.2 percent while France's CAC-40 is up 0.1 percent. In the U.K., the FTSE 100 index has given up 0.3 percent.

BONDS AND COMMODITIES: In the market for U.S. government bonds, the yield on the 10-year Treasury inched up to 2.63 percent from 2.61 percent late Monday. Yields rise when bond prices fall. The price of oil rose 32 cents to $104.73 a barrel.

Topics: US--Wall Street

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