US stock futures lower as Spain will miss targets

[March 02, 2012]  NEW YORK (AP) -- U.S. stock futures are lower after Spain's prime minister said his country will miss its deficit targets this year.

Dow Jones industrial futures are down 32 points to 12,941. The broader S&P 500 futures are down 5 points to 1,370. Nasdaq 100 futures are down 7 points to 2,636.

U.S. futures and European markets were relatively flat before the prime minister's comments. Missing the targets could risk sanctions for Spain from the European Union.

Also Friday, leaders of 25 European countries signed a treaty designed to prevent the 17 members of the eurozone from living beyond their means and avoid a repeat of the region's debt crisis.

Oil prices fell modestly after Saudi Arabia denied an Iranian media report of an explosion at a Saudi pipeline.

[Associated Press]

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