Feb. 27, 2012 at 8:55 AM ET
Wall Street stocks seemed likely to open lower Monday after the Group of 20 leading economies told Europe it must commit more money to fight the EU debt crisis before seeking broader help.
Ministers from leading economies told Europe it must disburse extra money if it wants more help from the rest of the world, piling pressure on Germany to drop its opposition to a larger European Union bailout fund.
Art Hogan, managing director of Lazard Capital Markets in New York, said with little in terms of economic data to drive the market, investors are in a "wait-and-see mode" regarding how much money Europe is willing to put up to insulate its economy.
S&P 500 futures fell 6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures lost 45 points and Nasdaq 100 futures shed 9.5 points.
Through Friday, of the 461 S&P 500 companies that have reported earnings this season 63 percent have beaten analyst expectations. More than 20 companies are expected to report earnings this week.
Lowe's Cos, the world's second-largest home improvement chain, reported higher-than-expected quarterly sales.
Concern about rising oil prices eased slightly as Brent and U.S. crude futures fell more than 1 percent, retreating from recent highs triggered by worries over disruptions to Middle East supplies. Still, some analysts warned consistently high oil prices could throw a wrench to the global economic recovery.
The National Association of Realtors issues pending home sales data for January at 10 a.m. Economists expect a 1.0 percent rise, compared with a 3.5 percent drop in the previous month.
The S&P 500 rose on Friday to close at the highest level since before the collapse of Lehman Brothers in 2008, continuing a pattern of steady gains on signs of a more solid U.S. economic recovery.
Reuters contributed to this report.