Stock index futures fell on Monday on lingering concerns a deal over economic integration in Europe will not be enough to keep the region's two-year sovereign debt crisis from spreading further.
Rating agency Moody's said on Monday it will revisit the ratings of European nations in the first quarter of 2012, after last week's summit did not produce decisive initiatives and left the euro area prone to further shocks.
S&P 500 futures fell 8.6 points and were below fair
value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures dropped 92 points, and Nasdaq 100 futures lost 12.75 points.
The cost of insuring euro zone sovereign debt against default rose and the yield on 5-year Italian bonds rose above 7 percent, while benchmark Italian and Spanish yields extended their rise, reflecting market unhappiness with last week's deal.
Resource-related stocks will be in focus after U.S. crude oil futures fell 1 percent on deepening concern over the prospects for the euro zone, and copper prices dropped more than 2 percent to a near two-week low.
Shares of Alcoa Inc
On Friday, the Dow Jones industrial average <.DJI> ended up 186.56 points, or 1.55 percent, at 12,184.26. The Standard & Poor's 500 Index <.SPX> finished up 20.84 points, or 1.69 percent, at 1,255.19. The Nasdaq Composite Index <.IXIC> closed up 50.47 points, or 1.94 percent, at 2,646.85.
For the week, the Dow rose 1.4 percent, the S&P gained 0.9 percent and the Nasdaq was up 0.8 percent.
(Reporting By Rodrigo Campos; editing by Jeffrey Benkoe)