US futures dip as European situation deteriorates

[September 26, 2012]  NEW YORK (AP) -- U.S. stock futures are sliding as the European economic crisis devolves into social unrest for the most vulnerable countries like Greece and Spain.

Germany failed to raise sufficient bids for the country's benchmark 10-year bonds Wednesday as a rush for safe havens in a "very volatile market environment" drove average yields down to 1.52 percent.

Dow Jones industrial futures are down 22 points to 13,383. The broader S&P futures have given up 3 points to 1,434.20. Nasdaq futures are down 8.75 points to 2,794.50.

Tens of thousands of protesters have taken to the streets in Athens and Madrid, where they are clashing with riot police ahead of a new round of spending cuts and tax hikes.

More good news expected on the U.S. housing market Wednesday failed to boost futures.

[Associated Press]

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