US futures lower on fear of soaring Italian debt

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NEW YORK (AP) -- Stock futures are falling for the third straight day as investors weigh the prospect that Italy, Europe's third-largest economy, could be the next country unable to meet its debt obligations.

Spain, Europe's fourth-largest economy, also faces a budget crisis. Meanwhile, international lenders have not yet confirmed terms for a Greek rescue package. That has reignited concerns that Greece might default.

The European debt problems have left investors around the world fearful of the consequences for the global economy.

Government bond yields for Italy and Spain have spiked as investors lose confidence in the quality of their debt.

Dow Jones industrial average futures are down 74 points, or 0.6 percent, to 12,415 in premarket trading. Standard & Poor's 500 index futures are down 11, or 0.8 percent, at 1,307. Nasdaq 100 futures are down 19, or 0.8 percent at 2,327.