US futures fall ahead of Bernanke testimony
Monday, October 3, 2011
NEW YORK (AP) -- U.S. stock futures are falling sharply ahead of Federal Reserve Chairman Ben Bernanke's testimony before Congress on the outlook for the U.S. economy.
Stocks fell broadly Monday after Greece said it will not be able to make budget cuts it agreed to as part of a deal to receive emergency loans, raising new concerns about Europe's financial system. Monday's declines pushed the benchmark S&P 500 index to the edge of a bear market -- a 20 percent decline from its recent high.
The Commerce Department will release its report on August factory orders at 10 a.m. Eastern.
Two hours before the opening bell, Dow Jones industrial average futures were down 69 points, or 0.7 percent, to 10,460. S&P 500 futures lost 7, or 0.7 percent, to 1,079. Nasdaq 100 futures slid 10, or 0.5 percent, to 2,055.