US Futures Head Lower, Spain Seeks Help For Banks

By: Associated Press Email
By: Associated Press Email

U.S. stock futures are following global markets lower with Spain requesting help for its teetering banks.

Dow Jones industrial average futures are down 90 points to 12,478. Standard & Poor's 500 futures are down 10.2 points to 1,316.60 and Nasdaq futures are down 14.50 points to 2,559.

Spain isn't saying how much of the $125 billion made available by the European Union that it will need. The request Monday comes just ahead of a critical economic summit in Brussels.

Markets are exhibiting little faith that Europe will act quickly to address countries most at risk.

The U.S. Commerce Department reports new home sales figures after the market opens. Economists expect sales rose modestly in May. People are still having difficulty qualifying home loans and many can't afford the large down payments required by banks.

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