NEW YORK ( TheStreet) -- U.S. stock futures followed global markets lower Monday, pointing to a weaker open, after Greece warned that it will not meet its deficit reduction targets. Futures for the Dow Jones Industrial Average were down by 32 points, or 30 points below fair value, at 10,809. Futures for the S&P 500 were losing 2 points, or 2 points below fair value, at 1124, and Nasdaq futures were off by 12 points, or 12 points below fair value.
Stocks accelerated their losses Friday to close down by more than 2% as bleak overseas data spurred fears of a global slowdown. All three major U.S. indices lost more than 10% during the third quarter, making it their worst since the 2008-2009 financial crisis. Greece's finance ministry said on Sunday that the deficit will likely be 8.5% of its gross domestic product in 2011, which was higher than the 7.8% level it had been targeting. The admission sparked fears among global investors that the country won't be approved for its next tranche of loans, which are necessary for Greece to avoid a default. In Europe, London's FTSE dropped 1.6%, and Germany's DAX lost 2.2%. Japan's Nikkei Average closed off by 1.8%, and Hong Kong's Hang Seng plummeted 4.4%. Arch Coal ( ACI) cut its 2011 earnings outlook to an adjusted profit of $1 to $1.40 a share late Friday, lower than the earnings of $2.02 a share that analysts had been projecting. The company blamed lost metallurgical coal production at its Mountain Laurel facility. Shares of Eastman Kodak ( EK) were soaring 34.6% to $1.05 ahead of Monday's opening bell after the company rebounded after speculation that it could be filing for bankruptcy. Late Friday, the company issued a statement assuring that it is "committed to meeting all of its obligations and has no intention of filing for bankruptcy". At 10 a.m. EDT, the Institute for Supply Management will release its manufacturing index for September. Economists are expecting the ISM index to tick down to a reading of 50.5, from August's level of 50.6. At the same time, the Department of Commerce is expected to report that construction spending dropped 0.5% in August, compared with July's decline of 1.3%. The benchmark 10-year Treasury rose 4/32, diluting the yield to 1.905%. The dollar was strengthening slightly against a basket of currencies, with the dollar index up by 0.006%. Gold for December delivery was gaining $37.30, or 0.3%, to trade at $1659.60. The November crude oil contract was down by 67 cents to trade at $78.53 a barrel. -- Written by Melinda Peer in New York.