* Mattel results miss expectations, stock down premarket
* S&P 500 futures off 13.30 points, Dow futures off 108 points, Nasdaq 100 futures off 15.25 points
* For up-to-the-minute market news, click [STXNEWS/US] (Adds details)
By Leah Schnurr
NEW YORK, Feb 2 (Reuters) - Wall Street was poised for a lower open on Monday as investors fretted about a disappointing earnings season and the prospects of more weakness to come after Wall Street racked up its worst January ever.
U.S. President Barack Obama is meeting with Democratic Congressional leaders in an effort to have his nearly $900 billion stimulus plan pass through Congress by mid-February.
The plan faces opposition from top Republicans in Congress, however, who say their party is unlikely to back the bill without changes. For details see [ID:nN01420749].
"It appears ... there's not a lot of optimism to be found after having the worst January on record," said Andre Bakhos, president of Princeton Financial Group in Princeton, New Jersey, adding: "... There's a fear that things are going to get worse before they get better."
Among the morning's batch of quarterly results, top toy company Mattel Inc (MAT.N: Quote, Profile, Research, Stock Buzz) reported a disappointing profit, stung by a weak holiday season and a stronger dollar. [ID:nN02372846]. Mattel tumbled 16.8 percent to $11.80 before the opening bell.
S&P 500 futures SPc1 fell 13.30 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 DJc1 lost 108 points, and Nasdaq 100 NDc1 futures were down 15.25 points.
Stocks fell on Friday after data showed the economy shrank in the fourth quarter at the fastest pace in nearly 27 years.
Both the Dow .DJI and the benchmark S&P 500 .SPX suffered their worst January ever, with the Dow down 8.8 percent and the S&P off 8.6 percent. The slide further hurt already depressed sentiment as January traditionally sets the tone for stocks' performance for the rest of the year.
Questions over the fate of the ailing banking sector remained after a report last week that U.S. policy-makers have yet to reach consensus on how a government-run "bad bank" to mop up toxic assets would work and the idea may not move forward. Shares of Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz) fell 2.1 percent to $6.44 in premarket trading.
In an interview with NBC, Obama said he has asked Treasury Secretary Timothy Geithner to formulate guidelines for financial firms. [ID:nN02437430].
Financials could also come under pressure after Moody's cut its long-term ratings on Britain's Barclays Bank (BARC.L: Quote, Profile, Research, Stock Buzz) (BCS.N: Quote, Profile, Research, Stock Buzz) on expectations of "significant" further losses. [ID:nPEK231315].
Energy shares could be hurt as the price of oil CLc1 fell below $41 a barrel on falling demand due to the deteriorating U.S. economy. Oil has seen a steep decline since hitting a record over $147 in July last year. Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz) was off 1 percent to $75.75.
Investors are girding for U.S. employment data on Friday. Indicators on tap for Monday include U.S. manufacturing data. (Editing by James Dalgleish)
