Wall Street dips on Japan data, Greece meetings eyed

NEW YORK (Reuters) - Stocks slipped on Wednesday as weak export data from Japan and Greece's meetings this week with European Union officials gave traders a reason to cash in some of their recent gains.

Uncertainty lingered over the effectiveness of Greek Prime Minister Antonis Samaras' European charm offensive. Samaras is trying to convince EU officials he should be given more time to meet targets for deficit cuts.

Japan's exports slumped the most in six months in July as shipments to Europe and China tumbled, adding to concerns over global demand.

The S&P 500 hit its highest level in more than four years on Tuesday but the new peak failed to hold and the index closed in the red. However, its steady move higher has lifted short-term support to the 1,400 level and any bullish catalyst could further extend the rally.

"Yesterday we pierced the highs and ran out of steam, so people took that as a sign of exhaustion. Today you get negative news out of Japan, Greece coming back to the table...people are just looking for catalysts to take some money off after this kind of stealth rally that we've had," said Ken Polcari, managing director at ICAP Equities in New York.

He said absent any definitive news out of Europe, which he doesn't expect, the S&P could be stuck between 1,400 and 1,425 at least until the end of next week.

The Jackson Hole, Wyoming, meeting of central bankers and economists at the end of the month is seen as the next big market catalyst, followed by the European Central Bank's September 6 meeting and the German constitutional court's vote to ratify the euro zone rescue fund six days later.

Among the most traded U.S. stocks Wednesday was Dell Inc , down 6.6 percent to $11.52 a day after the No. 2 U.S. PC maker warned of a challenging second half and slashed its full-year earnings outlook.

The Dow Jones industrial average <.dji> fell 59.43 points, or 0.45 percent, to 13,144.15. The S&P 500 Index <.spx> dropped 3.70 points, or 0.26 percent, to 1,409.47. The Nasdaq Composite <.ixic> lost 3.44 points, or 0.11 percent, to 3,063.82.

The Federal Reserve releases minutes from its July-August meeting at 2:00 p.m. Investors will parse them for signs that members are moving closer to new stimulus measures or conversely toward raising interest rates sooner than expected.

Toll Brothers Inc shares rose to their highest since February 2007 after the largest U.S. luxury homebuilder reported a higher quarterly profit and a sharp jump in new orders. The stock was last up 4.3 percent at $33.17 and the PHLX housing sector index <.hgx> added 2.3 percent.

Continuing a string of bullish housing sector data, U.S. home resales rose in July as low interest rates and a modest improvement in the labor market helped home buying conditions.

Shares of Sunrise Senior Living rose 60 percent to $14.26 after Health Care REIT Inc said it would acquire the company for $ 14.50 per share.

(Editing by Dave Zimmerman)

Source: http://news.yahoo.com/stock-index-futures-signal-slight-falls-093305685--finance.html

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