Market Morning: Deal or No Deal in Greece

NEW YORK (TheStreet) -- U.S. stock futures were lower Friday and European shares were down after eurozone finance ministers said Greece didn't go far enough with austerity cuts that would make it qualify for a €130 billion ($170 billion) bailout.

Markets believed Greece reached a debt deal on Thursday. But the finance ministers said Greece didn't go far enough and have given the country a few more days to find an €325 million ($430 million) more of spending cuts and get parliament to approve the measures, according to The Associated Press.

Most Asian markets posted declines on Friday.

U.S. stocks rose Thursday on optimism that Greece wouldn't default on its debts and on another sign of a better domestic jobs market.

The Dow Jones Industrial Average on Thursday added 6.5 points, or 0.1%, to 12,890. The S&P 500 rose 2 points, or 0.2%, to 1,352, while the Nasdaq gained 11.4 points, or 0.4%, to 2,927.

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The economic calendar in the U.S. on Friday includes trade balance data for December at 8:30 a.m. EST, the initial University of Michigan consumer sentiment gauge for February at 9:55 a.m. , and the Treasury Department's budget report for January at 2 p.m.

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NYSE Euronext (NYX) said fourth-quarter profit declined as it incurred costs related to the failed merger with Germany's Deutsche Boerse.

NYSE Euronext, the operator of the New York Stock Exchange, earned $110 million, or 43 cents a share, in the fourth quarter, down from year-earlier profit of $135 million, or 51 cents.

The latest period included $46 million of costs from the collapsed deal with Deutsche Boerse.

Excluding the charges and other items, earnings in the quarter were $130 million, or 50 cents a share, compared with $120 million, or 46 cents, last year.

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LinkedIn(LNKD), the business social networker , beat the consensus profit view for its fiscal fourth quarter and provided a solid outlook.

LinkedIn reported non-GAAP earnings of $13.3 million, or 12 cents a share, for the quarter ended in December on revenue of $167.7 million. It had revenue of $81.7 million a year earlier.