US stock futures tumble after European elections

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NEW YORK (AP) -- A roiling political landscape in Europe is sending U.S. stock futures lower, with the parliament now split in economically fragile Greece and the election of Socialist as president in France.

The election results are seen as a rejection of budget cuts intended to whittle away debt in a continent saddled with it.

The Dow Jones industrial average is down 46 points to 12,911. The Standard & Poor's 500 is off 5.7 points to 1,356.80. The Nasdaq composite index is down 12 points to 2,613.50.

Global markets tumbled Monday after a weekend election in Greece with no party close to forming a government. Greece is in its fifth year of recession and unemployment is rampant.

France's president-elect, Francois Hollande, pledged to buck Europe's austerity trends.