NEW YORK -- U.S. stock futures are sharply lower Tuesday on worries that a planned Greek referendum on the country's rescue package could scuttle a broad plan to resolve Europe's debt crisis.
The dollar and U.S. government bonds are rising as traders move into the safest of assets.
The Greek vote could potentially threaten a comprehensive plan to resolve the European debt crisis reached just last week. The announcement hit U.S. markets late Monday and sent markets spiraling lower. The S&P 500 index fell 2.5 percent, which put the broad-market index 4 points below where it started the year.
Thirty minutes before the opening bell Tuesday, Dow Jones industrial average futures are down 191 points, or 1.6 percent, at 11,706. S&P 500 futures are down 30, or 2.4 percent, at 1,219. Nasdaq 100 futures are down 46, or 2 percent, at 2,310.
The yield on the 10-year Treasury note sank to 2.01 percent from 2.16 percent late Monday, a steep drop. Yields fall when bond prices rise.
Bank stocks are falling hard in premarket trading. Citigroup is down 6.7 percent. Both Morgan Stanley and Bank of America are down 5.7 percent.
Credit Suisse Group AG fell 10 percent in premarket trading, after the Switzerland's second-largest bank reported profits that fell short of expectations. The bank also announced plans to cut 1,500 people from its payroll.
Later this morning, the Institute for Supply Management will release its monthly manufacturing index, a closely-watched gauge of the economy's strength. Economists are looking for a reading of 52, a sign that manufacturing is growing but remains weak. A reading above 50 indicates growth. Manufacturing has been expanding for 2 years and 2 months running.
The Commerce Department will also report on construction in September. Private economists forecast that construction spending rose 0.3 percent, after a 1.4 percent gain in August. The sharp rise in August came mostly as a result of an increase in state and local government projects.
Automakers will also report October sales. Analysts expect sales reached their fastest pace since August 2009. Car information site Edmunds.com predicts Toyota Motor Corp., Honda Motor Co. and Hyundai Motor Co. will gain in market share.