U.S. stocks were poised for a lower open on Monday after China took another step to stem the growth of its economy and worries persisted Greece may need to restructure its debt.
China raised banks' required reserves for the fourth time this year on Sunday, stepping up efforts to fight high inflation.
The move by China hurt commodities, sending copper prices lower. Miner Freeport-McMoran Copper & Gold Inc
China is the real driver why we are seeing the futures down, and that is backed up by the fact that you are seeing a selloff in a lot of commodities, said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
That is what is driving the commodity boom ... how quickly they are growing and feeding that. People have an expectation that will continue, and anything that is out there suggesting it will slow down gets them nervous.
Adding to global concerns, Athens reiterated it has no plans to restructure its government debt, a move its central bank chief said would be catastrophic, but markets speculated that some form of debt rescheduling was likely.
Eli Lilly & Co
S&P 500 futures fell 7.7 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 fell 66 points and Nasdaq 100 futures fell 13.25 points.
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(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)