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U.S. stocks were headed for an early sell-off Wednesday, with futures falling sharply after disappointing manufacturing and inflation data.
It could be a rocky day on Wall Street. In addition to the U.S. data released before the bell, news that European officials failed to reach an agreement on bailing out Greece could also keep investors skittish.
The Labor Department's consumer price index rose 0.2% in May. Economists polled by Briefing.com expected consumer inflation ticked up by 0.1% in May, down from the 0.4% rise in the previous month.
Meanwhile, the Empire State manufacturing index declined by 7.8 points, while economists were forecasting an increase of 10 points.
Companies: Shares of Carnival Corporation (CCL) slipped more than 2% in premarket trading, after the cruise-line operator lowered its fiscal 2011 earnings outlook earlier this week -- leading some analysts to cut their price targets for the company.
Scotts Miracle Gro (SMG) cut its full-year forecast as well, sending shares of the lawn-care product maker more than 5% lower before the market open Wednesday. The company said continued bad weather has led to lower consumer demand.
Meanwhile, Owens-Illinois (OI, Fortune 500) lowered second-quarter earnings per share guidance to below the previous year's level -- after originally forecasting earnings per share to be unchanged. The cut came amid rising manufacturing costs, the company said. Shares of Owens-Illinois dropped 5% in premarket trading.
Internet radio site Pandora will begin trading Wednesday on the New York Stock Exchange under the ticker symbol "P." Late Tuesday, Pandora priced its initial public offering at $16 a share.
Oil for July delivery slipped 41 cents to $98.96 a barrel.
Gold futures for August delivery fell $7.30 to $1,517.10 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.09% from 3.10% late Tuesday.
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