Stock index futures fell on Tuesday, indicating equities may fall for a second straight session, as talks to secure a new bailout for Greece and avoid an unruly default had yet to bear fruit.

Greek Prime Minister Lucas Papademos negotiated through most of the night with lenders from the European Union and International Monetary Fund over more fiscal reforms as trade unions staged a national strike against more cuts.

As we enter this week the No. 1 concern we have is when, and if, Greece will get a deal cut with creditors, and the longer we wait the more nervous the market gets about that, said Art Hogan, managing director of Lazard Capital Markets in New York.

Everybody talks about the March deadline looming large - this is something we need to put in the rear view mirror for the markets to start moving forward.

European shares fell after disappointing results from investment bank UBS AG and shipbuilder Alfa Laval AB and on Greece worries. The FTSEurofirst 300 <.FTEU3> index of top European shares was down 0.7 percent. <.EU>

The benchmark S&P index had risen for five straight weeks on the back of improving U.S. economic data, punctuated by the Friday payrolls report, to lift the index up almost 7 percent for the year. A light economic calendar this week has shifted investor focus back to the euro zone.

A disorderly Greece debt default could lead to increased fiscal problems for weaker members of the euro zone and dampen the U.S. recovery.

S&P 500 futures fell 4.7 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 lost 6 points, and Nasdaq 100 futures dropped 5.75 points.

Coca-Cola Co climbed 0.9 percent to $68.65 in premarket after the soft-drink maker posted its fourth-quarter results.

As earnings season winds down, investors awaited results from companies including Lincoln National Corp and Walt Disney Co .

Emerson Electric Co dipped 1.9 percent to $52.34 in light premarket trade after it reported lower quarterly sales and earnings as last year's floods in Thailand disrupted supply chains and weak European economies hurt demand.

According to Thomson Reuters data through Monday morning, of the 290 companies in the S&P 500 posting results, 60 percent topped expectations, tracking below recent quarters at this point of the reporting season.

UBS predicted more weakness in investment banking after a restructuring of the business failed to prevent an earnings hit from the euro zone debt crisis and worries about the global economy.

ArcelorMittal forecast improvement in the first half after a weak end to last year, with a clear pick-up in North America but continued concerns about Europe. The world's largest steelmaker, which makes about 7 percent of global steel, said shipments would return to levels seen at the start of last year and mining output would continue to grow.

Toyota Motor Co <7203.T> raised its full-year profit forecast by more than one-third, though the outlook was still some way below market expectations.

Federal Reserve Chairman Ben Bernanke is set to testify before the Senate Budget Committee in Washington, D.C., at 10 a.m. (1500 GMT).

U.S. stocks closed slightly lower on Monday as lingering questions about Europe's debt crisis and corporate earnings overshadowed growing optimism about economic growth after a five-week rally.

(Editing by Padraic Cassidy)