Stocks likely to continue slump
Futures lower; World Bank cuts forecasts for international economic growth.
NEW YORK (CNNMoney.com) -- Markets were looking for a fall when they open Monday, as the World Bank said a global recovery was 'unusually uncertain' and cut growth forecasts for most countries.
At 7:05 a.m. ET, Dow Jones industrial average, S&P 500 and Nasdaq 100 futures were all negative.
Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.
David Jones, chief market strategist at IG Markets in London, said that market weakness in U.S. futures and the European markets stem from a downshift in global sentiment.
"I think people are thinking we got a little bit ahead of ourselves," said Jones. "Economies around the world are still in pretty rough shape. There's no compelling reason to buy right now."
Technology stocks surged Friday, while the broader market slumped at the end of the first down week in a month for Wall Street.
No economic reports are due Monday. However, readings on housing, consumer spending, the labor market and durable goods orders are on tap later this week.
Investors are also gearing up for a meeting of the Federal Reserve on Wednesday. The bankers are not expected to change their target for short-term interest rates, but investors will be looking for hints on the Fed's views of inflation and the bond market.
Washington: The Senate Banking Committee will hold a hearing on over-the-counter derivatives at 3 p.m. ET.
The Obama administration unveiled last week a sweeping new plan to restructure how how banks and other firms are regulated in the hope of preventing another financial collapse.
International: Asian markets closed slightly higher, but European indexes were down.
Oil and money: The price of oil fell $1.16 a barrel to $68.39. The dollar rose versus the euro the British pound but fell against the yen. 
