The major indexes fell in pre-market action Monday, amid ongoing concerns over Europe's debt crisis.
S&P 500, Dow and Nasdaq 100 futures all traded lower before the opening bell.
Spain's central bank bailed out regional bank Cajasur after the latter couldn't complete a merger, adding to worries over the continent's financial stability.
In company news, IBM (IBM) said it would AT&T's (T) Sterling software unit for $1.4 billion. The deal marks IBM's biggest acquisition since it bought software company Cognos in 2008.
Shirt maker Phillips-Van Heusen (PVH) and air and liquid filtration system maker Donaldson (DCI) are both slated to report first-quarter earnings results after the closing bell.
Futures Point To Sharply Lower Open
BY VANCE CARIAGA
Stocks were poised to resume their slump early Monday as concerns about Europe's debt crisis continued to weigh. S&P 500 futures fell 8.4 points in the pre-market and were below fair value. Dow futures lost 63 points. Nasdaq 100 futures declined 15.25 points.
European markets were lower Monday following a weekend bailout of a regional bank in Spain. The country's central bank bailed out Cajasur after the latter couldn't complete a merger. Meanwhile, the euro fell against the dollar, dropping to $1.2367.
Last week all three major U.S. indexes finished lower, as losses during the first four sessions of the week offset a gain Friday.
A poll of leading economic forecasters predicts the pace of U.S. growth will pick up as consumers and businesses accelerate spending. The survey, released Monday by the National Association for Business Economics, boosted its 2010 growth estimate to 3.2% real gross domestic product. That's up from 3.1% in its February outlook. It also pegged the 2011 growth rate at 3.2%.
Campbell Soup (CPB) reported fiscal third-quarter earnings of 54 cents a share, excluding items. That was up from 48 cents the prior year and 3 cents above Wall Street expectations. Sales gained 7% to $1.8 billion, in line with estimates. The world's largest soup maker also said it expects full-year earnings to come in at the high end of its forecast.
Elsewhere, the yield on the benchmark 10-year Treasury note fell to 3.19% early Monday from 3.24% late Friday. Gold rose $8.8 to $1,184.90 an ounce. Benchmark crude fell 20 cents to $69.84 a barrel in electronic trading on the New York Mercantile Exchange.
Overseas, Japan's Nikkei 225 stock average fell 0.27%, while Hong Kong's Hang Seng rose 0.62%. In afternoon trading, Britain's FTSE 100 gave up 0.3%, Germany's DAX index fell 1.08% and France's CAC-40 shed 0.36%.
