Stock index futures pointed to a decline of about 1 percent at the open on Tuesday as fresh concerns mounted over fiscal problems in the euro zone ahead of bank repayments to the European Central Bank this week.
European banks must repay 442 billion euros ($545.5 billion) in emergency loans to the ECB on Thursday, leaving a potential liquidity shortfall of more than 100 billion euros in the financial system.
Global stocks tumbled, with the FTSEurofirst 300 index <.FTEU3> down 2 percent, and the blue chip Euro STOXX 50 <.STOXX50E> falling 2.4 percent.
U.S. crude oil futures dropped 2.6 percent to $76.19 a barrel as investors turned against riskier assets.
We are definitely seeing a flight to safety. People are selling everything that is risky, said Tom Schrader, managing director of U.S. equity trading at Stifel Nicolaus Capital Markets in Baltimore.
The euro hit a lifetime low against the Swiss franc and an 8-1/2 bottom against the yen. The U.S. dollar <.DXY> rose 0.6 percent against a basket of major currencies.
The three-month LIBOR in euros, the price that European banks charge each other for short-term loans, rose to an 8-month high.
S&P 500 futures lost 13.3 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 tumbled 115 points, and Nasdaq 100 futures slid 24 points.
The day's economic calendar includes the S&P Case/Shiller Home Price Index for April due at 9 a.m. EDT and the Conference Board's June consumer confidence data due at 10 a.m.
Economists look for the S&P Case/Shiller Home Price index dropping 0.1 percent, and a reading of 62.8 for consumer confidence versus 63.3 previously.
Tropical Storm Alex is expected to reach hurricane strength on Tuesday, with high winds and vast waves likely to hamper BP Plc's efforts to contain the largest oil spill in U.S. history.
Internet giant Google Inc plans to stop automatically redirecting users of its China site to its Hong Kong page as it tries to renew its Chinese operating license. The stock fell 1.5 percent to $465 in premarket trade.
Political momentum was expected to carry the Wall Street reform bill to approval in the U.S. Congress, but the death of Senator Robert Byrd threatened to delay final action until mid-July.
U.S. drugmaker Abbott Laboratories Inc is looking to sell its flu vaccine business in a deal that could fetch $614 million, the Wall Street Journal reported, citing sources.
Micron Technology Inc shares fell 6.3 percent to $9.39 premarket. The chipmaker forecast some product growth to be flat to up slightly for the fourth quarter late Monday, even as it beat revenue expectations.
(Reporting by Angela Moon; editing by Jeffrey Benkoe)