U.S. Stocks Lower on Eurozone Debt Worries
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U.S. stocks are following world stocks lower as European debt issues intensify with a potential Greece default in the spotlight and new worries in Italy after a warning about a debt downgrade.
With just over two hours until the U.S. open, Dow futures are down 120, S&P 500 futures are down 12.25 and NASDAQ 100 futures are down 23.
Late Friday, Standard & Poors lowered Italy's sovereign credit outlook from Stable to Negative, suggesting a downgrade could be forthcoming. This news came just hours after Fitch downgraded Greece three notches.
Following the news, Greek credit debt swaps rose to record levels and bond yields on its 10-year bonds jumped higher.
Greek Prime Minister George Papandreou will be meeting with his Cabinet Monday to endorse additional cuts and asset sales. He has ruled out debt restructuring ahead of the meeting.
The Euro continued to fall against the dollar and other world currencies. The EUR/USD last traded at $1.4013, down 1 percent.
With just over two hours until the U.S. open, Dow futures are down 120, S&P 500 futures are down 12.25 and NASDAQ 100 futures are down 23.
Late Friday, Standard & Poors lowered Italy's sovereign credit outlook from Stable to Negative, suggesting a downgrade could be forthcoming. This news came just hours after Fitch downgraded Greece three notches.
Following the news, Greek credit debt swaps rose to record levels and bond yields on its 10-year bonds jumped higher.
Greek Prime Minister George Papandreou will be meeting with his Cabinet Monday to endorse additional cuts and asset sales. He has ruled out debt restructuring ahead of the meeting.
The Euro continued to fall against the dollar and other world currencies. The EUR/USD last traded at $1.4013, down 1 percent.
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