NEW YORK ( TheStreet) -- Stock futures are pointing to a lower open ahead of comments on the economic outlook from Federal Reserve Chairman Ben Bernanke. Investors also continued to await more clarity on European policymakers' plans for stabilizing the eurozone. Futures for the Dow Jones Industrial Average were down by 110 points, or 162 points below fair value, at 10,419. Futures for the S&P 500 were off by 12 points, or 19 points below fair value, at 1075 and Nasdaq futures were off by 19 points, or 34 points below fair value.
The first day of the fourth quarter got off to a rough start Monday as each of the three major U.S. indices ended the session roughly 2% lower on continued uncertainty regarding how the eurozone plans to handle Greece. European leaders signaled that they will make a decision regarding additional aid to Greece in late October, which was later than previously expected. According to a Bloomberg report, European financial ministers are mulling technical revisions for a second Greek bailout, which could mean bondholders will take a bigger hit on Greece debt. In Europe, London's FTSE was losing 2.8%, and Germany's DAX was sinking 3.2%. Japan's Nikkei Average closed off by 1.1%, and Hong Kong's Hang Seng plummeted 3.4%. At 10 a.m. EDT, Fed Chairman Bernanke is scheduled to speak before the Joint Economic Committee on the economic outlook and recent monetary policy actions. At the same time, the Commerce Department is expected to report a 0.1% decline in August factory orders, after growth of 2.4% in July. Monday's declines came despite a stronger-than-expected reading on manufacturing activity in September and a surprise rise in August construction spending. The data wasn't enough to outweigh fears that Greece may not receive its next installment of bailout funds, resulting in a default on its debts. The latest round of default jitters was triggered by news that Greece will not meet its deficit reduction target for 2011. The benchmark 10-year Treasury fell 06/32, lifting the yield to 1.780%. The dollar was strengthening slightly against a basket of currencies, with the dollar index up by 0.147%.
The November crude oil contract was down by $1.44 to trade at $76.17 a barrel. Elsewhere in commodity markets, gold for December delivery was gaining $12.80 to trade at $1,670.50. In corporate news, all eyes are on Apple ( AAPL), which is expected to unveil the iPhone 5 on Tuesday. The stock was ticking 0.1% higher to $374.60 ahead of Tuesday's opening bell. Shares of Deutsche Bank ( DB) are losing 2.6% to $31.97 in early trading, after the bank said it will miss its 2011 pretax profit target from its core businesses of €10 billion ($13.21 billion). UBS ( UBS) said it anticipates a modest third-quarter profit despite losing $2.3 billion from a rogue trader last month. The stock was gaining 2.9% to $10.87 during the premarket session. Ford ( F) and the United Auto Workers announced that they reached a tentative agreement. Details will be provided during a news conference scheduled for later in the morning. Ford's stock was declining by 1.1% to $9.27 ahead of the opening bell. -- Written by Melinda Peer in New York.