U.S. stock index futures fell on Monday on worries about the euro-zone debt crisis after Standard & Poor's cut Italy's rating outlook and Spain's ruling Socialists suffered a setback in elections.

S&P cut its rating outlook for Italy to negative from stable, citing weak growth prospects and increased risks from a mountain of debt.

The cut comes on the heels of a downgrade of Greece's credit rating by Fitch Ratings on Friday.

Adding to the worries, Spain's Socialists, reeling from losses in local elections, now face a balancing act between voter anger over sky-high unemployment and investor demands for strict austerity measures.

Worries about euro-zone debt sapped demand for riskier assets, such as Asian stocks, and prompted investors to shift funds into U.S. government debt, gold and the dollar.

The political and economic climate in Europe sent the euro to a two-month low versus the dollar <.DXY>, which dented commodity prices in turn. U.S. crude oil futures lose 2.5 percent.

Alcoa Inc lost 1.9 percent to $15.96 and Freeport-McMoRan Copper & Gold fell 2.3 percent to $47.29.

S&P 500 futures fell 12.6 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 lost 110 points while Nasdaq 100 futures fell 24.25 points.

Sony Corp <6758.T> said it expected to post a $3.2 billion net loss for the year that ended on March 31 due to a write-off on tax credits, the latest in a string of grim headlines for the consumer electronics giant.

U.S. stocks fell on Friday on euro zone debt concerns, sending the S&P to its third straight weekly decline for the first time since August 2010.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)