Stock futures lower after biggest drop since Oct

[December 09, 2014]  By Chuck Mikolajczak

NEW YORK (Reuters) - U.S. stock index futures declined on Tuesday, putting the S&P 500 on track to extend losses after suffering its biggest drop since Oct. 22 in the prior session on concerns about global growth.

The benchmark S&P index fell 0.7 percent on Monday, dragged lower on weakness in the energy sector, which fell 3.9 percent to hit its lowest level since June 2013. The S&P 500 has climbed for seven straight weeks, closing on Friday at a new record high for the 49th time this year.

Brent crude  touched a fresh five-year low on Tuesday before rebounding near $67 a barrel on hopes prices in the commodity may be bottoming.

In a relatively light week for economic data, wholesale trade data for October is due at 10 a.m. (1500 GMT). Expectations call for inventories to rise 0.2 percent while sales are expected to rise by 0.1 percent.

U.S.-listed shares of Seadrill gained 4.5 percent to $12.09 before the opening bell. John Fredriksen, the biggest owner of the offshore driller, purchased another 1.3 million shares in the firm to raise his stake to 119 million shares, or 24.15 percent.

Shares in bluebird bio surged 61.6 percent to $79 in premarket trade after the company said a study for its blood disorder treatment showed patients were essentially cured.

European shares hit a two-week low as the earlier weakness in oil spread to energy stocks and Greek stocks tumbled after the government said it would bring a presidential vote forward by two months.

Shares in Asia also lost ground, with Tokyo's Nikkei off 0.7 percent as the yen strengthened and Shanghai shares dropped more than 5 percent to snap a two-week rally.

(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama)

[© 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.