US stock futures fall after last week's losses

US stock futures fall on developments in Europe and Asia, following last week's decline

Associated Press
Stocks, euro drop as deadlock continues in Greece
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In this May 11, 2012, photo, trader Jason Harper, right, works on the floor of the New York Stock Exchange. Wall Street ended last week with a decline after JPMorgan said it lost $2 billion on poorly-thought-out trades. (AP Photo/Richard Drew)

NEW YORK (AP) -- U.S. stock futures dipped Monday as Europe wrestles with what to do next about the financial crises in Greece and more disconcerting economic data emerges from China.

Dow Jones industrial average futures fell 91 points to 12,697. Standard & Poor's 500 futures slid 11 points to 1,339. Nasdaq composite futures fell 19 points to 2,591.75.

There are also questions about the U.S. financial sector and the rules under which it will operate following the disclosure of a loss of at least $2 billion at JPMorgan Chase & Co.

JPMorgan's disclosure has led lawmakers and critics of the banking industry to call for stricter regulation of Wall Street. Many post-crisis rules governing risk-taking by banks are still being written.

The bank said Monday that its chief investment officer, Ina Drew, heavily involved in the trade, would retire. Drew is a 30-year veteran at the bank.

Matt Zames, the bank's co-chief of global fixed income in its investment bank, will take Drew's place. Banking stocks slid in premarket trading, including J.P., Morgan, which fell 2 percent.

Futures began to fall early with Greece's future uncertain.

Politicians in Athens resume power-sharing talks Monday as negotiations to create a government drag into a second week. That is raising the specter of new elections that may threaten a bailout for the indebted nation and its membership in the European Union.

Britain's FTSE 100 fell 1.7 percent and Germany's DAX tumbled 1.95 percent. France's CAC-40 lost 2.27 percent. Taking the hardest hits were the Athens Stock Exchange, which saw shares drop 3.5 percent, and Spain's Ibex, which fell 3.06 percent on continuing concerns that the country's crippled economy would not be able to keep a handle on its borrowing costs.

And China's central bank cut reserve requirements for banks over the weekend following the release of disappointing economic data. Still, the benchmark Shanghai Composite Index fell 0.6 percent to 2,380.72.

Groupon Inc. is scheduled to post earnings after the market closes Monday.

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