NEW YORK (CNNMoney.com) -- U.S. stocks were poised to fall sharply at Tuesday's open as a selloff in global markets rattled confidence.
Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were down about 2%.
Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.
Lower global markets have created "a feedback loop of concern," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
"We trade lower domestically during the day, which trickles into Asian and European stocks overnight, and then it washes back on our shores the next morning," Luschini said.
In addition to European debt concerns, Luschini said lower equities are part of a "rolling correction" after a recent runup.
U.S. stocks have been roiled by concerns about the global economic recovery. On Monday, the blue-chip Dow ended at its lowest point in three months.
Europe: Ongoing worries about Spain's financial sector weighed on markets in Europe and pressured the euro.
Spain's government was forced to bail out one of the country's banks this past weekend.
In European trading, the CAC 40 in France was down 3.1%. The FTSE 100 in Britain and DAX in Germany were both down about2.5%.
Economy: Investors will be keeping tabs on the Case-Shiller index of home prices in 20 U.S. cities, which comes out at 9 a.m. ET. The index is expected to have risen 2.8% in March after climbing 0.6% in February.
Also on tap is reading on consumer confidence at 10 a.m. ET. The Conference Board's index is expected to have risen to 58.3 in May from 57.9 in April.
Both the Senate and the House of Representatives will hold hearings regarding the BP (BP) oil spill in the Gulf.
Asia: Mounting tension between North and South Korea shook investor confidence in Asia, where the Nikkei in Japan lost 3.1% and the Hang Seng in Hong Kong tumbled 3.5%.
Dollar and commodities: The euro resumed its slump against the dollar after the shared currency made some gains last week. The euro fell 1.4% against the U.S. currency Tuesday.
The greenback was up 0.7% on the British pound, but it fell 1% versus the Japanese yen.
U.S. light crude oil for July delivery fell $2.64 to $67.57 a barrel. COMEX gold slipped $3 to $1,191 per ounce.
Bonds: Treasury prices were higher early Tuesday, pushing the benchmark 10-year note's yield down to 3.09%. Bond prices and yields move in opposite directions. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.80% | |
| 15 yr fixed | 3.09% | 3.11% | |
| 5/1 ARM | 2.65% | 2.69% | |
| 30 yr refi | 3.77% | 3.86% | |
| 15 yr refi | 3.09% | 3.21% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 12,454.83 | -74.92 | -0.60% |
| Nasdaq | 2,837.53 | -1.85 | -0.07% |
| S&P 500 | 1,317.82 | -2.86 | -0.22% |
| Treasuries | 1.74 | -0.01 | -0.80% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 7.15 | 0.01 | 0.14% |
| Sprint Nextel Corp | 2.62 | 0.09 | 3.56% |
| Cisco Systems Inc | 16.33 | -0.06 | -0.37% |
| Chesapeake Energy Co... | 15.81 | 0.23 | 1.48% |
| Ford Motor Co | 10.60 | 0.01 | 0.09% |
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