DJI- NEW YORK, June 28 (Reuters) - U.S. stocks fell on Thursday but pared back sharp losses late in the session on talk of progress by European leaders in easing the region's debt crisis, while a Supreme Court ruling upholding a landmark healthcare law hit large health insurers.
Markets are especially skittish about any shift in expectations for the euro zone as European Union leaders met on the first day of a two-day summit in Brussels.
"This is a process that is just going to wind on and is going to bring us periodic bouts of volatility in our markets depending on the news flow," said Matt Kaufler, portfolio manager at Federated Investors in Rochester, New York.
Stocks began lower and losses accelerated after a divided U.S. Supreme Court backed the centerpiece of President Barack Obama's healthcare overhaul law.
The Dow Jones industrial average <.DJI> dropped 24.75 points, or 0.20 percent, to 12,602.26. The Standard & Poor's 500 Index <.SPX> shed 2.81 points, or 0.21 percent, to 1,329.04. The Nasdaq Composite Index <.IXIC> lost 25.83 points, or 0.90 percent, to 2,849.49.
NYMEX-NEW YORK, June 28 (Reuters) - U.S. crude futures slumped more than 3 percent on Thursday, sliding to an eight-month low intraday on selling prompted by concerns about Europe's debt crisis amid a European Union summit and by losses on Wall Street.
CBOT SOYBEAN- Soybean futures on the Chicago Board of Trade ended lower after a choppy session, pressured by long liquidation and positioning a day ahead of the U.S. Department of Agriculture's acreage and quarterly stocks reports, traders said.
Trade expects USDA on Friday to raise its estimate of U.S. 2012 soybean acreage. The average estimate for U.S. soybean plantings among 19 analysts surveyed by Reuters was 75.5 million acres, up from USDA's March projection of 73.9 million.
Funds hold a large net long position in CBOT soybeans, leaving the market vulnerable to bouts of long liquidation.
Trade expects no deliveries of soybeans or soymeal on Friday, which is first notice day for CBOT July deliveries.
Trade estimated soy deliveries at 1,500 to 5,000 contracts.
USDA confirmed sales of 110,000 tonnes of U.S. soybeans to unknown destinations for 2012/13 delivery.
USDA reported export sales of U.S. soybeans in the latest week at 793,100 tonnes (old and new crop years combined), above trade expectations for 500,000 to 700,000 tonnes.
USDA reported weekly export sales of U.S. soymeal at 261,300 tonnes, above trade expectations for 100,000 to 150,000, and soyoil sales at 13,500 tonnes, in line with trade estimates.
FCPO- SINGAPORE, June 28 (Reuters) - Malaysian crude palm oil futures slipped on Thursday to their lowest level this week, as investors awaited the outcome of a European leaders' summit that is unlikely to produce concrete measures to solve the region's debt crisis.
But traders said the hot and dry weather in the United States that tightened the supply of soybeans has provided support for palm oil prices. Investors are also awaiting a report by the U.S. Department of Agriculture (USDA) on Friday to gauge stocks and production trends of soybeans.
"Prices are juxtaposed between the positive vibes of U.S. weather and negative news from Europe. Market players are awaiting Friday's USDA numbers before adding on more exposure," said a trader with a local commodities brokerage in Malaysia.
Benchmark September palm oil futures on the Bursa Malaysia Derivatives Exchange lost 0.6 percent to close at 2,998 ringgit ($939) per tonne. Traded volumes were thin at 21,457 lots of 25 tonnes each, compared to the usual 25,000 lots.
REGIONAL EQUITY- BANGKOK, June 28 (Reuters) - Indonesian stocks retreated from a five-week high on Thursday while Philippine shares lost earlier gains to end slightly lower amid broad-based selling in
energy linked stocks following a slip in global oil prices amid worries about euro zone crisis.
Jakarta's Composite Index <.JKSE> dropped 1.2 percent, with coal mining stock Harum Energy Tbk , which fell 3.5 percent, was among the biggest drags on the market. The Philippine index <.PSI> fell 0.03 percent on the day.
Philippine stock market was up 20 percent this year, ranking as the second best after Pakistan's <.KSE> gain of 22 percent, Thomson Reuters data showed. Manila has benefited this month from foreign investors seeking buying opportunities in an undervalued market.
Figures for June to Wednesday showed net foreign buying of $160 million on Philippine shares, contrasting to Indonesia and Thailand which reported net foreign selling of $230 million and $425 million for the period, respectively, Thomson Reuters data showed.
