US futures edge lower as concerns turn to Spain

November 17, 2011 - 8:55 AM
Wall Street

FILE - In this Nov. 2, 2011 file photo, traders John Panin, left center, and Joe Tarangelo, right center, work on the floor of the New York Stock Exchange. World stocks continued to slide Thursday, Nov. 17, 2011, as investors worried that Europe's debt crisis was intensifying and spreading to larger countries in the 17-nation euro union. (AP Photo/Richard Drew, File)

NEW YORK (AP) — U.S. stock futures are edging lower as concerns about Europe's lingering debt crisis turn to Spain.

The Spanish government paid nearly 7 percent in an auction of 10-year bonds. That is the highest rate since 1997 and a level that economists seen as unsustainable.

In the U.S., investors will be looking toward the government's report on initial applications for unemployment benefits last week. Economists expect that the number rose slightly to 395,000, which is well above what is considered a healthy jobs market.

The Dow Jones industrial average was down 27 points, or 0.2 percent, to 11,817 two hours before the opening bell. S&P 500 futures fell 5, or 0.4 percent, to 1,226. The Nasdaq 100 slid 9, or 0.4 percent, to 2,304.