NEW YORK (
) -- U.S. stock futures followed European markets lower Monday as investors weighed
Ireland's move to accept a bailout package from the European Union and the International Monetary Fund.
Futures for the
Dow Jones Industrial Average
were down by 31 points, or 33 points below fair value, at 11,148. Futures for the
were 4 points lower, or 4 points below fair value at 1194, and
futures were down by 5 points, or 6 points below fair value.
Stocks closed Friday's session with mild gains despite news that China imposed further lending restrictions on its banks to tame inflation.
U.S. futures initially rose on news that Ireland formally requested bailout funds said to be in the €80 billion to €90 billion ($109 billion to $123 billion) range from the EU and IMF to bolster its banking system. However, U.S. markets eventually took their cues from European markets, which weakened as Irish bank stocks fell on stake dilution concerns and the euro lost ground against the dollar. Details -- including the exact size of the loan package -- are still being worked out.
Ahead of the start of the U.S. trading session,
Bank of Ireland
shares listed on the
New York Stock Exchange
were down by 18% at $2.19 and
Allied Irish Banks'
New York-listed stock was off by 10.6% at $1.10.
The euro fell against the dollar to $1.3640 from $1.3685 on Friday, and the dollar traded higher against a basket of currencies with the dollar index up by 0.2%.
The FTSE in London was down 0.8%, and the DAX in Frankfurt was off by 0.1%. Hong Kong's Hang Seng dipped 0.4% lower, while Japan's Nikkei rose 0.9%.
There are no economic releases scheduled during Monday's session.
were up 2.9% to $16.10 ahead of Monday's opening bell after the meat and prepared foods company swung to a fourth-quarter net profit and reported adjusted earnings of 64 cents a share on sales of $7.44 billion. Analysts had been anticipating a profit of 56 cents a share on sales of $7.75 billion.
saw its stock add 2.8% to $41.11 in early trading following an upgrade to outperform from neutral at Baird.
( GENZ) is exploring a new deal structure that could break a stalled acquisition with
, according to a
Wall Street Journal
In commodity markets, the January crude oil contract was down by 16 cents to trade at $81.82 a barrel. The December gold contract traded 30 cents lower to $1,352 an ounce.
The benchmark 10-year Treasury note strengthened 11/32, diluting the yield to 2.838%.
--Written by Melinda Peer in New York
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.