Heightening tensions over Greece come a day after Louis Vuitton handbags China cut its growth forecast and data showed the European Union is unlikely to avoid a recession. The data was a worry for the market, which has rallied largely on hopes of a strengthening economy.
"What is driving the market now is the outlook for economic growth elsewhere and, pretty importantly, the U.S. and China," said Jack de Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.
De Gan said the market was struggling at the top end of a S&P 500 trading range at about 1,370. The index is up 24 percent since reaching closing lows in October. "You're at the top end of the range and investors will use any excuse to lock in a profit," said de Gan. The S&P closed at 1,364.33 on Monday.
S&P 500 futures were off 11.8 points and below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures slid 81 points, and Nasdaq 100 futures lost 20.75 points.
Banks and materials shares, sensitive to flare-ups in Europe's debt crisis, fell in early trading. Bank of America Corp (BAC.N) lost 1.3 percent to $7.87, while Louis Vuitton bags aluminum producer Alcoa Inc (AA.N) was off 1.4 pct to $9.73.
"Markets have been supported over the past few months by the concomitant strengthening in global data and easing in worries about the European crisis," Goldman Sachs said in a research note. "With the data a bit muddier recently, we are happier on the sidelines for now."
Greece has no plans to extend the March 8 deadline on its bond swap offer to private creditors, Greek officials said, dismissing market rumors the date may be changed to increase participation in the offer.
European shares hit a 1-week low, with the FTSEurofirst 300 .FTEU3 index of top European shares down 1.4 percent. Hong Kong shares suffered their biggest slump in nearly three months as the Hang Seng index .HSI lost 2.2 percent.
Oil eased in volatile trading on concerns over global economic growth despite the continued risk to supplies due to Iran's Noble louis vuitton handbag 2012 fashion new style outlet gray nuclear program. Brent crude fell 1.4 percent to $122.14 a barrel.