Before the bell: S&P futures -0.49%, Nasdaq futures -0.39%

U.S. stock futures declined, indicating the Standard & Poor’s 500 Index will snap a two-day rally, as JPMorgan Chase & Co. (JPM) tumbled on a report that the lender’s trading losses may total as much as $9 billion.

JPMorgan slumped 3.2 percent after the New York Times said the trading losses may exceed the firm’s initial estimate.

Europe’s leaders today cap their latest effort to check the financial crisis that claimed Cyprus this week as its fifth victim. Euro-area finance ministers set the stage for today’s gathering in Brussels of the European Union’s 27 chiefs, approving Cyprus’s bailout and detailing how they would aid Spanish banks. Consensus breaks down on safeguarding governments in Spain and Italy, with German Chancellor Angela Merkel rejecting calls to do more to cut their borrowing costs.

The U.S. economy grew 1.9 percent in the first quarter, reflecting a gain in consumer spending that now shows signs of cooling as the labor market weakens. The number of applications for unemployment benefits hovered last week near the highest of the year, showing little improvement in the labor market.

Global Stocks:

Nikkei 225 8,874.11 +143.62 +1.65%

S&P/ASX 200 4,044.8 +1.63 +0.04%

Shanghai Composite 2,199.05 -17.89 -0.81%

FTSE 100 5,465.54 -58.38 -1.06%

CAC 40 3,046.48 -16.64 -0.54%

DAX 6,137.47 -91.52 -1.47%

Crude oil $80.66 (+0.56%)

Gold $1568.90 (-0.60%)