U.S. STOCK INDEX FUTURES PLUMMET IN LATE TRADE
U.S. stock index futures dropped in 
active late afternoon trade and closed near daily lows.
    The selloff followed an early rally that had sent June S
and P 500s to a new contract high of 306.10. Arbitrage buy
programs were triggered when the June S and P reached a 3.20
point premium over the spot index, traders said.
    However, weakness in the bond market in afternoon trade
sparked selling in June S and Ps, sending the nearby contract
to a discount which triggered the unwinding of buy programs,
traders said. June S and Ps fell through chart support at
296.00 which also sparked technical selling.
    Value Line futures closed down 6.85 to 7.00, S and P 500
futures fell 7.65 to 7.85, NYSE futures dropped 4.60, and MMI
futures ended 10.65 to 11.00 points lower.

 Reuter
