NEW YORK—U.S. stock futures fell sharply, adding to stock-market losses around the world, as Greece's plans for a referendum fueled worries that the euro-zone bailout plan might fall apart.
Less than 30 minutes before Tuesday's opening bell, Dow Jones Industrial Average futures had slumped 252 points, or 2.1%, to 11645. The blue-chip Dow slid 276 points on Monday, its biggest-point drop since late September.
Still, the Dow rose 1042 points, or 9.5%, during October, notching its biggest monthly point gain it its 115-year history and largest monthly percentage gain in nine years.
Standard & Poor's 500-stock index futures dropped 39 points, or 3.2%, to 1210, and Nasdaq 100 futures shed 56 points, or 2.4%, to 300. Changes in stock futures don't always accurately predict stock moves after the opening bell.
Stock markets around the globe were sharply lower, with the Stoxx Europe 600 losing 3.5%. Greece announced after European markets had closed on Monday that it would hold a referendum on the government's deal with euro-zone leaders, which raised uncertainties over whether the bailout plan would survive. Germany's DAX index tumbled 5.8%, while France's CAAC-40 plunged 5.4%.
"The biggest mistake investors made in October was this illusion that any solution was going to be fast and efficient," said Jeffrey Sica, president and chief investment officer of Sica Wealth Management. "There's going to be a tremendous amount of pain implementing whatever ultimately comes out of this. This is going to be a long-term, painful problem. There isn't a quick-fix solution."
Concerns over economic growth also weighed on sentiment after data showed that the U.K.'s manufacturing sector contracted in October against expectations of slight expansion.
Asian bourses were mostly lower as well, with Japan's Nikkei Stock Average down 1.7% and Hong Kong's Hang Seng Index sliding 2.5%. A final reading on factory activity in China fell in October, but remained slightly above the expansion threshold.
Gold futures fell under $1,690 an ounce, while crude oil futures slid below $90 a barrel. The U.S. dollar rose sharply against the euro but lost ground against the yen.
On the economic calendar, the Institute of Supply Management's reading on manufacturing activity in October is scheduled for release at 10 a.m. ET. Economists surveyed by Dow Jones Newswires expects the Purchasing Managers Index to rise slightly to 52.0 from September's 51.6.
Data on construction spending for September is also due out at 10 a.m., while monthly vehicle sales from auto makers in October will be released throughout Tuesday's sessions.
Investors are also looking ahead to a reading on private sector employment for October and the Federal Reserve's statement on monetary policy, both out on Wednesday. The government's nonfarm payroll report is due on Friday.
In corporate news, shares of Pfizer edged up 0.5% after the blue-chip pharmaceutical company reported third-quarter results that exceeded expectations, lifted its full-year earnings and revenue outlook and increased its target amount for 2011 share repurchases.
Elsewhere, Exelixis tumbled 37% after the company said it was launching a Phase-3 trial of its prostate cancer treatment even though it didn't have an agreement with the U.S. Food and Drug Administration over certain guidelines.
Baker Hughes gave up 9.5% after the oilfield-services company's third-quarter earnings rose sharply, but missed expectations.
CME Group reported third-quarter earnings that topped estimates but revenue fell a bit short of forecasts. Shares dropped 3.2%.
