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U.S. stocks are set to fall Friday as the latest setback in Greek negotiations for a bailout package put the S&P 500 on track to snap a three-day winning streak.
Workers in Greece went on strike against fiscal reform measures while euro zone finance ministers said the fiscally troubled nation will need to make more cuts in order for them to grant bailout funds.
Stocks rose modestly on Thursday to push the S&P up 7.5 percent for the year after an apparent deal was reached between Greek parties on reforms.
European shares fell as the new conditions put the deal in jeopardy, with the FTSEurofirst 300 index of top European shares was down 0.6 percent.
Bank shares stumbled on concerns over the latest stumbling block in the debt crisis. The STOXX Europe 600 euro zone Banking Index fell 1.6 percent. Bank of America Corp lost 1.7 percent to $8.04 and Citigroup Inc fell 1.7 percent to $33.10 in premarket trade.
Adding to the dour tone, China's imports fell in January the most since the depths of the financial crisis, raising concerns demand may be in wilting more than previously thought, even accounting for Lunar New Year Factory shutdowns.
Chinese e-commerce group Alibaba plans to take private its Hong Kong-listed unit, two sources familiar with the matter said, as part of a complex deal that would strengthen founder Jack Ma's control and give key stakeholder Yahoo cash and a direct stake in one of Alibaba's operating businesses.
As earnings season moves into its tail end, 339 companies in the S&P 500 have reported results through Thursday morning, with 63 percent topping analyst expectations, according to Thomson Reuters data, tracking below recent quarters through this stage of the earnings season.
Reuters contributed to this report.
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Does anybody have a doubt that they are going to default in the end ? This is a ship that has already sunk
The world concerns over the financial problems of Greece is a lot like mentality of cattle. You get all the cattle in the barn yard in a herd (all of Europe) and just wait and see what happen when the fox approaches the fence. You'll get the stampede going. People are no different than than the most primitive forms of animals.
Will these cavepeople NEVER learn? What is striking going to accomplish? Do they really think the IMF or their leaders give a damn about what the people want? They can strike every day for the rest of their lives and it won't make a difference. But the Greeks already know that. Its just another convenient excuse to be lazy and not go to work. They deserve to have every last penny taken from them and given to the Germans.