US stock futures head lower on Spain worries

Associated Press

NEW YORK (AP) — U.S. stock futures are down as investors fret over the economy of Spain, which this week announced big spending cuts it hopes will convince potential bailout creditors and investors that it has a rock-solid plan to heal its public finances.

Dow futures are down 49 points to 13,365. The broader S&P 500 futures are down 5 points to 1,436. Nasdaq futures are down 8 points to 2,807.

The positive momentum generated by Thursday's Spanish budget has ground to a halt as investors await more news, including stress test results into 14 banks due after European markets close. The Moody's rating agency is also expected to weigh in on Spain's creditworthiness.

Investors will also be looking at a U.S. report on August consumer spending, due at 8:30 a.m. EDT.