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U.S. stock index futures fell sharply on Thursday as European shares tumbled on growth concerns after weak data out of Italy and concern over the health of Portugal’s top listed bank. With U.S. stocks trading near record highs, the selloff in Europe will probably raise red flags and entice shorts who have been shut out of the market. Many market participants have called for a pullback, with the steady S&P 500 yet to see a daily decline of 1 percent or more since April 10.

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