(By Balachander) U.S. stock index futures pointed to a lower open on the Wall Street as investors weighed jump in Spain borrowing costs against election results in Greece.
Mini Dow Industrial Average futures shed 65.00 points to 12,645.00. The Nasdaq Futures lost 6.75 points to 2,557.25. Standard and Poor's 500 futures edged 7.00 points lower to 1,330.50.
In European news, the yield on Spain's 10-year government bond surged to as much as 7.13 percent, a euro-era record high. Meanwhile, efforts are ongoing in Greece to form a coalition government after parties favoring bail out measures had gained sufficient votes in the second round of elections held on Sunday.
In the US economic front, the National Association of Home Builders report on the Housing Market Index (HMI) for June is due at 10 am ET.
On Friday, U.S. stocks closed in green after a volatile week amid increased hopes that central banks will act to spur economic growth, as investors mull second round of elections in Greece on Sunday and the Fed's policy meeting next week.
Hot Stocks Of The Day: MSFT, STLD, CLF, RMTR, BODY
In corporate news, Microsoft Corp. (NASDAQ:MSFT) may be in watch list after the company is reportedly expected to announce the launch of its own tablet computer, rivaling Apple's iPad.
Steel Dynamics Inc. (NASDAQ:STLD) retreated 4.17 percent in premarket after the Fort Wayne, Indiana-based steel producer and metals recycler guided second-quarter earnings below Wall Street projections, citing fall in steel prices.
Cliffs Natural Resources Inc. (NYSE:CLF) edged lower in premarket after the miner cut its thermal coal sales and production volume outlook for 2012, citing a softer U.S. pricing environment for thermal coal products.
Body Central Corp. (NASDAQ:BODY) tumbled 28.58 percent in premarket after the retailer of women's apparel cut second quarter and full year earnings guidance, below consensus, citing soft comparable sales.
Ramtron International Corp. (NASDAQ:RMTR) may be in focus after the maker of semiconductor products said it will explore strategic alternatives, including a potential sale. The company also concluded that Cypress Semiconductor Corp.'s (NASDAQ:CY) proposal of $2.48 per share for the company does not reflect its intrinsic value.
European markets traded mixed, with Germany's DAX gaining 0.64 percent to trade at 6,269.54. France's CAC40 slipped 0.14 percent to trade at 3,083.18. U.K.'s FTSE 100 added 0.32 percent to trade at 5,496.54.
Among Asian markets, the Shanghai Composite Index rose 0.42 percent to end at 2,316.25. Hong Kong's Hang Seng added 1.01 percent to close at 19,427.81. Japan's Nikkei 225 rallied 1.77 percent to end at 8,721.02. India's BSE Sensex finished at 16,705.83, down 1.44 percent.
Ahead of the opening bell, crude oil futures dropped 0.94 percent to $83.24 per barrel. Gold futures slipped 0.39 percent to $1,621.7 per ounce.
In the currency market, the euro traded 0.14 percent lower against the U.S. dollar at 1.2620, and the British pound fell 0.36 percent against the greenback to 1.5658. The dollar advanced 0.42 percent against the Japanese yen to 79.0600.