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NEW YORK (

TheStreet

) -- U.S. stock futures pointed to a lower open as weak consumer spending in June and the likely passage of a deficit reduction bill with deep spending cuts made investors nervous about the strength of the recovery.

Futures for the

Dow Jones Industrial Average

were down by 78 points, or 117 points below fair value, at 11,962. Futures for the

S&P 500

were 11 points lower, or 15 points below fair value, at 1268, and

Nasdaq

futures were off by 19 points, or 23 points below fair value.

Stocks finished in the red Monday as disappointing manufacturing data and fears that Washington's compromise agreement may not be enough to prevent a downgrade to the U.S. credit rating offset the likelihood that lawmakers would reach a debt deal by their Aug. 2 deadline.

An

Obama-backed bill to raise the government's $14.3 trillion borrowing limit and enact steep spending cuts cleared the House of Representatives late Monday and is expected to pass the Senate on Tuesday. The Senate vote is scheduled for noon.

Hong Kong's Hang Seng lost 1.1%, and Japan's Nikkei dropped 1.2%. The FTSE in London was slipping 0.7%, and the DAX in Frankfurt was plunging 1.3%.

Shares of

Archer Daniels Midland

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(ADM) - Get Archer-Daniels-Midland Company Report

were falling 3% to $29.56 after

the agricultural commodities and products company said fourth-quarter earnings dropped 15% from a year ago on higher income tax expenses and lower agricultural commodity prices. The company's profit of 58 cents a share was well below expectations for earnings of 85 cents a share.

Pfizer

(PFE) - Get Pfizer Inc. Report

topped analysts' expectations by one penny with adjusted second-quarter earnings of 60 cents a share on sales of $17 billion. Wall Street had been projecting revenue of $16.9 billion. The stock was losing 1.1% to $18.80 ahead of Tuesday's opening bell.

Shares of

McGraw-Hill

( MHP) rose 4.6% to $43.31 in late trading on Monday following a

Wall Street Journal

report that

major shareholders plan to push the publishing company toward a reorganization.

Sirius XM

(SIRI) - Get Sirius XM Holdings, Inc. Report

reported second-quarter earnings of 3 cents a share on revenue of $744 million,

exceeding estimates for a profit of a penny a share but missing sales expectations of $752.5 million. Shares were gaining 1.9% to $2.15 in early trading.

The Department of Commerce said personal income rose 0.1%, as expected, in June although personal spending slipped 0.2%. Economists had been anticipating an uptick of 0.1%. In May, personal income rose 0.3% and spending remained flat.

During the afternoon session, the Department of Commerce will report on July auto and truck sales. Auto sales are projected to climb to 4.1 million from 3.86 million in June, and truck sales are slated to rise to 5.2 million from 4.98 million in June.

In commodity markets, the September crude oil contract was losing 79 cents to trade at $94.10 a barrel. The December gold contract was trading $17.80 higher at $1,639.50 an ounce.

The dollar strengthened against a basket of currencies, with the dollar index up by 0.6%. The benchmark 10-year Treasury note was rising 15/32, diluting the yield to 2.699%.

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--Written by Melinda Peer in New York

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.