US futures fall ahead of Bernanke testimony

FILE - In this Oct. 3, 2011 file photo, traders work on the floor at the New York Stock Exchange. Stocks slid again Tuesday, Oct. 4, as Europe's debt crisis showed few signs of being solved any time soon and officials said Greece will have to wait until November to get its hands on much-needed bailout cash.(AP Photo/Seth Wenig, File)

FILE - In this Oct. 3, 2011 file photo, traders work on the floor at the New York Stock Exchange. Stocks slid again Tuesday, Oct. 4, as Europe's debt crisis showed few signs of being solved any time soon and officials said Greece will have to wait until November to get its hands on much-needed bailout cash.(AP Photo/Seth Wenig, File)

(AP) ? U.S. stock futures are falling sharply ahead of Federal Reserve Chairman Ben Bernanke's testimony before Congress on the outlook for the U.S. economy.

Stocks fell broadly Monday after Greece said it will not be able to make budget cuts it agreed to as part of a deal to receive emergency loans, raising new concerns about Europe's financial system. Monday's declines pushed the benchmark S&P 500 index to the edge of a bear market ? a 20 percent decline from its recent high.

The Commerce Department will release its report on August factory orders at 10 a.m. Eastern.

Two hours before the opening bell, Dow Jones industrial average futures were down 69 points, or 0.7 percent, to 10,460. S&P 500 futures lost 7, or 0.7 percent, to 1,079. Nasdaq 100 futures slid 10, or 0.5 percent, to 2,055.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-10-04-US-Wall-Street/id-e6df50646cf748c6a1415ed5ed8addfe

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