MARKET SNAPSHOT: U.S. Stocks: Greek Deadlock Weighs On Futures

By Anora Mahmudova and Sara Sjolin, MarketWatch

Fed official Charles Plosser speaks at 12:45 p.m.

NEW YORK (MarketWatch) -- U.S. stock futures were off their lows on Tuesday, but still pointed to a weak open on Wall Street, as the Greek deadlock weighed on sentiment.

Investor reaction to weaker-than-expected Empire State manufacturing reading was muted, and latest housing-market index is on the dock.

Futures for the Dow Jones Industrial Average (DJH5) eased 29 points to 17,953, while those for the Nasdaq 100 index (NDH5) gained 1 point to 4,378. Futures for the S&P 500 index (SPH5) dropped 5 points to 2,088.10.

Greece is -- still -- the word: U.S. markets were closed for Presidents Day on Monday, so investors didn't have a chance to react to the latest news on Greece until Tuesday. Talks among eurozone finance ministers broke down abruptly after European markets had closed on Monday, after Greece's new anti-austerity government rejected an extension to its 240-billion-euro ($272 billion) bailout program under the conditions offered by its European partners.

Greek Prime Minister Alexis Tsipras and his finance minister, Yanis Varoufakis, said the terms of the deal hurt the Greek economy and society, and asked for looser conditions on the bailout program.

Greece's current program expires at the end of February. If negotiations end in a deadlock, the Mediterranean nation will lose access to the rescue loans that have kept it afloat for almost five years, potentially setting the scene for a default and Greece's withdrawal from the shared currency, or what is being dubbed a "Grexit".

"With investors starting to fret over the genuine prospect of Greece printing drachma in the coming weeks, it looks like global markets are in for a turbulent ride," said Mike McCudden, head of derivatives at Interactive Investor, in a note. "However, with a 'Grexit' remaining highly unlikely -- the eurozone traditionally taking negotiations to the wire -- any panic dips could present buying opportunities."

Finance ministers from the full European Union, known as Ecofin, were meeting on Tuesday, and a new meeting of the Eurogroup, a smaller group of eurozone finance ministers might be scheduled for Friday. Read: These 5 charts explain the latest Greek drama

Greece's Athex Composite index slid 1.7% to 845.06, while the Global X FTSE Greek 20 ETF (GREK) slumped 7% ahead of the U.S. open. Read: Greek assets slammed after debt deadlock

Data: Ahead of a data , Tuesday delivers only two major readings. The Empire State manufacturing moved slightly lower but remained in positive territory in February, falling to 7.8 from 10.0 in January. That was below the MarketWatch-compiled economist forecast for a reading of 9.

At 10 a.m. Eastern Time, the NAHB housing-market index is due. It's forecast to have increased to 59 in February, from 57 last month.

Philadelphia Fed President Charles Plosser will speak on monetary policy and the economic outlook at an event in Philadelphia at 12:45 p.m. Eastern Time.

Earnings: Reporting ahead of the bell, Goodyear Tire & Rubber Co.(GT) posted a huge profit jump, thanks to a one-time tax credit that offset currency fluctuation and weaker sales in Europe. Shares jumped premarket.

AMC Entertainment Holding Inc. (AMC) is projected to report fourth-quarter earnings of 6 cents a share, according to a consensus survey by FactSet.

Starwood Hotels & Resorts Worldwide Inc.(HOT) said Chief Executive Frits van Paasschen has resigned and will temporarily be replaced by director Adam Aron. Shares rose premarket.

After the market closes, watchmaker Fossil Group Inc.(FOSL) is forecast to post fourth-quarter earnings of $3.07 a share.

Also reporting late, restaurant chain Potbelly Corp.(PBPB) is expected to post fourth-quarter earnings of 3 cents a share.

Follow more of the day's big stock moves here.

Other markets: European markets were mostly lower, weighed by those Greece worries. In Asia, most indexes closed higher, with the Shanghai Composite Index extending its winning streak to seven sessions.

Gold price ticked down, while oil (CLH5) was little changed. The ICE dollar index (DXY) moved slightly lower.

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