NEW YORK (AP) — U.S. stock futures are falling as the initial enthusiasm over last week’s agreement on fixing the European debt crisis is replaced by worries that it won’t be enough.
The deal would allow for a central European authority to oversee future budgets for the 17 countries that use the euro. But it doesn’t help cut existing debt, which has caused Greece, Ireland and Portugal to need bailouts and is threatening Italy and Spain.
Less than two hours before the opening of trading in New York, futures for the Dow Jones industrial average are down 105 points to 12,038 while futures on the broader S&P 500 index are down 12 points to 1,241.
Markets in Europe are dropping, with Frances CAC 40 down 1.4 percent and Germany’s DAX off by 1.9 percent.