Stock index futures fell on Monday, indicating the benchmark S&P 500 index could pull back after a five-week rally on concerns Greece will be unable to avoid a chaotic default as it tries to reach terms on a new bailout package.
Greece allowed another deadline to slip as political leaders failed to respond to terms for a new bailout from the European Union and Internation Monetary Fund. Greece needs the bailout money by March to meet big debt repayments.
The FTSEurofirst 300 <.FTEU3> index of top European shares slipped 0.3 percent. <.EU>
The S&P has rallied for five straight weeks on better-than-expected U.S. economic data, punctuated by Friday's solid employment report, pushing the index up 6.9 percent for the year.
After a robust start to the year, investors are pausing to reassess the driving themes for the market, said Andre Bakhos, director of market analytics at Lek Securities in New York.
Greece remains a thorn in their side, but investors are resigned to the fact a default has been factored in and the focus is now on damage control and keeping contagion in check.
S&P 500 futures fell 3.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 33 points, and Nasdaq 100 futures shed 6.75 points.
Other companies expected to post earnings include Yum Brands Inc
Through Friday, 283 companies in the S&P 500 had reported results, with 60 percent posting earnings that topped Wall Street expectations, a lower percentage than in recent quarters at this point of the reporting season.
Rockwood Holdings Inc
Asian shares rose on the U.S. jobs data bolstered investors' risk appetite.
(Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)