Investing.com - U.S. stock futures pointed to a broadly lower open on Tuesday, amid growing concerns over the potential impact of a default by Greece on the global banking sector.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a drop of 0.88%, S&P 500 futures signaled a 0.93% decline, while the Nasdaq 100 futures indicated a 0.71% fall.
On Monday, European finance ministers postponed a decision on the release of Greece’s next tranche of aid until a meeting on October 17, adding to speculation that Greece may be unable to avoid a sovereign default.
Meanwhile, investors eyed a meeting of European officials in Brussels later in the day to discuss the implementation of a permanent euro zone bailout facility.
Shares in the financial sector were sharply lower, with JPMorgan Chase tumbling 4.88% and Bank of America plummeting 9.64%, while Citigroup shares plunged 9.78% and Goldman Sachs saw shares sink 4.73%.
Earlier Tuesday, Goldman Sachs cut its global growth forecast for 2011 and 2012, predicting recessions in Germany and France.
Parent of American Airlines, AMR saw shares plunge 33.11%, after numerous reports that the company was facing a threat of bankruptcy.
Semiconductor manufacturers extended the previous day's losses, with Micron Technology shares sinking 14.09% and Advanced Micro Devices dropping 10.83%.
Elsewhere, electricity and natural gas giant Exelon Corporation fell 1.41% after Citigroup upgraded the shares to "buy" from "hold", while General Electric shares tumbled 3.48%.
On the upside, Yahoo saw shares jump 5.42%, a day after the struggling online media company and ABC News announced they were teaming up to share news content, reporting resources and original videos.
Other stocks in focus included Apple software corporation, due to unveil its iPhone5, later Tuesday just in time for crucial holiday shopping season.
Fast food chain Yum! was also on tap to report quarterly results, later in the day.
Across the Atlantic, European stock markets remained broadly lower. The EURO STOXX 50 dropped 2.70%, France’s CAC 40 fell 2.75%, Germany's DAX tumbled 3.57%, while Britain's FTSE 100 declined 3.56%.
During the Asian trading session, Hong Kong’s Hang Seng Index dropped 3%, while Japan’s Nikkei 225 Index fell 1.2%.
Later in the day, European Central Bank President Jean-Claude Trichet was to speak.
Also Tuesday, the U.S. was to release official data on factory orders, while Federal Reserve Chairman Ben Bernanke is to testify before the joint economic committee in Washington.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a drop of 0.88%, S&P 500 futures signaled a 0.93% decline, while the Nasdaq 100 futures indicated a 0.71% fall.
On Monday, European finance ministers postponed a decision on the release of Greece’s next tranche of aid until a meeting on October 17, adding to speculation that Greece may be unable to avoid a sovereign default.
Meanwhile, investors eyed a meeting of European officials in Brussels later in the day to discuss the implementation of a permanent euro zone bailout facility.
Shares in the financial sector were sharply lower, with JPMorgan Chase tumbling 4.88% and Bank of America plummeting 9.64%, while Citigroup shares plunged 9.78% and Goldman Sachs saw shares sink 4.73%.
Earlier Tuesday, Goldman Sachs cut its global growth forecast for 2011 and 2012, predicting recessions in Germany and France.
Parent of American Airlines, AMR saw shares plunge 33.11%, after numerous reports that the company was facing a threat of bankruptcy.
Semiconductor manufacturers extended the previous day's losses, with Micron Technology shares sinking 14.09% and Advanced Micro Devices dropping 10.83%.
Elsewhere, electricity and natural gas giant Exelon Corporation fell 1.41% after Citigroup upgraded the shares to "buy" from "hold", while General Electric shares tumbled 3.48%.
On the upside, Yahoo saw shares jump 5.42%, a day after the struggling online media company and ABC News announced they were teaming up to share news content, reporting resources and original videos.
Other stocks in focus included Apple software corporation, due to unveil its iPhone5, later Tuesday just in time for crucial holiday shopping season.
Fast food chain Yum! was also on tap to report quarterly results, later in the day.
Across the Atlantic, European stock markets remained broadly lower. The EURO STOXX 50 dropped 2.70%, France’s CAC 40 fell 2.75%, Germany's DAX tumbled 3.57%, while Britain's FTSE 100 declined 3.56%.
During the Asian trading session, Hong Kong’s Hang Seng Index dropped 3%, while Japan’s Nikkei 225 Index fell 1.2%.
Later in the day, European Central Bank President Jean-Claude Trichet was to speak.
Also Tuesday, the U.S. was to release official data on factory orders, while Federal Reserve Chairman Ben Bernanke is to testify before the joint economic committee in Washington.