NEW YORK (TheStreet) -- U.S. stock futures were falling Friday as the fate of Greece's bailout was called into question and reports suggested global economic growth continues to face pressure.

Futures for the Dow Jones Industrial Average were falling 94 points, or 101 points below fair value, at 12,748. Futures for the S&P 500 were down 12.4 points, or 12.8 points below fair value, at 1336, and futures for the Nasdaq were behind by 19.5 points, or 19.6 points below fair value, at 2542.

U.S. stocks advanced Thursday as investors digested a Greek debt deal and another sign of a better domestic jobs market.

In Greece, trade unions have begun a two-day strike protesting the austerity measures needed to secure an urgently-needed second bailout package from European partners and the International Monetary Fund. European finance ministers remain unsatisfied with the cuts agreed to by the politicians, insisting on the approval of an additional €325 million ($430 million) of spending cuts in Greece. George Karatzaferis, a Greek party leader supporting the prime minister's government, said he would not agree to the spending cuts, putting the deal in jeopardy.

The International Energy Agency slashed its full-year global oil demand projection for this year for the sixth month in a row citing a "darkening" economic outlook and sparking concerns about global growth. The IEA cut its estimates on global oil demand following a "sharp deterioration" of economic growth forecasts by the International Monetary Fund in January. The Paris-based agency said that global crude consumption will rise by 800,000 barrels a day, or 300,000 less than previously forecast, to 89.9 million barrels a day, as consumption declines in most developed countries this year amid the looming pressure of Europe's sovereign debt crisis. Every 7/10 decline in European economic growth shaves off 3/10 from U.S. growth, according to UBS.

"An uneasy balance characterized oil markets in January, with tensions surrounding Iran counteracting a weaker economic outlook," the IEA said.

China also reported that imports and exports fell more than anticipated in January, marking the first declines in two years. Exports fell 0.5% and imports fell 15.3%.

In the U.S., the Commerce Department reported that the country's international trade deficit increased to $48.8 billion from a revised $47.06 billion in November, suggesting that the nation's trade deficit still isn't under control. The December deficit was the highest since June of last year and was roughly in line with the $48 billion that economists on average were expecting, according to a poll by Thomson Reuters.

At 9:55 a.m. EST, the Thomson Reuters/University of Michigan Survey of Consumers report will be released. February's preliminary consumer sentiment index is expected to come in at 74.5 according to a survey of economists by Thomson Reuters, a dip from 75 in the final January report amid worries about elevated gasoline prices, political impasse and Greece.


London's FTSE was falling 0.38%, and Germany's DAX was declining 1.08%. In Asia, Japan's Nikkei Average closed down 0.61%, while Hong Kong's Hang Seng index settled lower by 1.08%.

In corporate news, 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.

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. Analysts polled by Thomson Reuters expected earnings of 7 cents a share in the company's fiscal fourth quarter on revenue of $159.7 million.

Activision Blizzard ( ATVI), the game maker, beat Wall Street's fourth-quarter earnings expectations, posting a profit of 62 cents a share on revenue of $2.41 billion. Activision saw strong sales in the quarter of its core World of Warcraft and Call of Duty franchises. Revenue declined 5% from a year earlier. Analysts were looking for earnings of 56 cents a share on revenue of $2.2 billion.

Alcatel-Lucent ( ALU) posted an annual profit in 2011, its first since Alcatel and Lucent merged in 2006. Paris-based Alcatel-Lucent, the telecommunications equipment maker, posted a 2011 profit of €1.1 billion ($1.46 billion) in 2011, a swing from a 2010 loss of €334 million, on cost cuts.

March oil futures were down $1.28 to $98.56 a barrel, while April gold futures were falling $17.60 to $1,723.60 an ounce.

The benchmark 10-year Treasury was rising 15/32, diluting the yield to 1.988%, while the U.S. dollar index was up 0.2% at $78.80.

-- Written by Andrea Tse in New York.

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