US stock futures mixed a day after Dow drops 249

NEW YORK (AP) ? Stock futures are trading mixed, a day after the Dow Jones industrial average plunged 249 points as a congressional committee failed to reach a deal to cut budget deficits.

Less than two hours before the opening bell, Dow Jones industrial average futures are up 4 points to 11,529. S&P 500 index futures are up 2, or 0.2 percent, to 1,193. Nasdaq 100 futures are down 4, or 0.2 percent, to 2,209.

The impasse raised fears that rating agencies might lower the U.S. government’s credit rating. But after the market closed Monday, Standard & Poor’s said the country’s credit rating was unaffected by the news. S&P added its current rating is based on the expectation that automatic cuts will start in 2013. Some Republicans have vowed to block the defense spending cuts.