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NEW YORK (CNNMoney) -- U.S. stock futures point to a lower open as investors digest the latest news on Europe's debt crisis.
The Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were all lower Monday morning. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.
Eurozone fears are back in the spotlight after Spain formally requested aid for its banking sector from the Euro group early Monday.
Additionally, Cyprus was hit Monday with a downgrade by credit ratings agency Fitch. Cyprus could soon become the latest, and smallest, member of the euro currency union to request a bailout from the European Union.
Heads of state from Germany, France, Italy and Spain said Friday that they had agreed on a set of growth-enhancing policies equal to about €125 billion, or 1% of eurozone gross domestic product.
They did not go into detail, but the specifics are expected to be fleshed out when leaders from all 27 members of the European Union meet later in the week for a summit in Belgium.
In the U.S. on Monday, the government will release figures for new home sales in May. The Supreme Court could also announce a ruling on President Obama's health care law.
U.S. stocks closed higher Friday, one day after fears of slow growth and bank downgrades sent them spiraling downward.
World markets: European stocks were in the red in morning trading. Britain's FTSE 100 (UKX) slid 0.7%, the DAX (DAX) in Germany dropped 1.4% and France's CAC 40 (CAC40) lost 1.5%.
Asian markets ended lower. The Shanghai Composite (SHCOMP) stumbled 1.6%, the Hang Seng (HSI) in Hong Kong shed 0.5% and Japan's Nikkei (N225) fell 0.7%.
Economy: New home sales for May are expected to come in at an annualized rate of 350,000, according to a survey of analysts by Briefing.com, up from 343,000 in the month prior.
Companies: No major corporate earnings reports are due on Monday morning.
Currencies and commodities: The dollar gained strength against the euro and British pound, but fell versus the Japanese yen.
Oil for August delivery fell to $79.15 a barrel.
Gold futures for August delivery rose to $1,569 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.62% from 1.67% late Friday.
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