NEW YORK (AP) — Stock futures are dropping on fresh doubts about a bailout package for Greece. The decline comes in the wake of Wall Street’s best week in months.
European finance ministers said Friday they would delay authorizing a new installment of emergency funds for Greece until October. Investors fear that Greece will eventually default on its debts, damaging the European banking system and the global economic recovery.
Later Monday, President Barack Obama is expected to discuss a deficit-reduction proposal that includes $1.5 trillion in new taxes.
Ninety minutes ahead of the market open, Dow Jones industrial average futures are down 133 points, or 1.2 percent, at 11,313. Standard & Poor’s 500 futures are down 17, or 1.4 percent, at 1,195. Nasdaq 100 futures are down 32, or 1.4 percent, at 2,275.