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NEW YORK (CNNMoney) -- U.S. stocks could face additional investor worry as they await the latest discussions on how to solve Europe's debt crisis.
Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were all slightly lower. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.
Attention will remain focused on Europe, as the Spanish banking system teeters on the edge of collapse and Greece comes closer to a possible exit from the euro.
Credit rating agency Standard & Poor's said in a report Monday afternoon after the European market close that there is a one-in-three chance Greece will leave the euro currency union in the coming months.
Finance officials of the world's seven largest economies, the G7, were prepared to hold an emergency conference call Tuesday on the crisis.
The call came after Spain's Treasury Minister Cristobal Montoro told a Spanish radio network that the country was nearly shut out of global finance markets, and that its banking system would need help from other European countries. Yields on Spain's 10-year bond crept slightly higher to 6.4%.
In the United States, economic data on tap includes the Institute for Supply Management's services index. But even positive news could be drowned out by other concerns, said David Kelly, chief global strategist for JPMorgan Funds.
"There is a general gloom that has enveloped markets," he said. "The markets are more focused on Spain right now, but the greatest threat to eurozone is in the hands of the Greek voters. Until we get some clarity from (the June 17) Greek elections, we won't know what's going to happen."
Kelly said that he believes stocks have become oversold as investors have moved out of riskier assets such as equities and into U.S. Treasuries in the last month. He said that stock values relative to bonds are at their cheapest point in the last 50 years.
"Are there concerns? Yes. Is it the gloomiest environment in the last 50 years? No," he said. "Those stretched valuations is making it hard for markets to fall significantly further.'
CNNMoney's Fear & Greed Index remained in extreme fear territory Monday, although the level of fear lessened slightly from Friday's level.
U.S. stocks finished little changed Monday, recovering from losses earlier in day. However, the 10-year Treasury yields remain near record lows -- another indication of the dread that keeps plaguing markets.
World markets: European stocks were mixed in morning trading. The DAX (DAX) in Germany slid 0.8%, while France's CAC 40 (CAC40) edged up 0.4%. London's stock market is closed Tuesday in celebration of the Queen's Diamond Jubilee.
Asian markets ended on a higher note. The Shanghai Composite (SHCOMP) ended up about 0.2%, while the Hang Seng (HSI) in Hong Kong added 0.4% and Japan's Nikkei (N225) rose 1%.
Economy: The ISM's services index for May is due out at 10 a.m. ET. Economists surveyed by Briefing.com expect the index to fall slightly to 53.1 from April's 53.5. But any reading above 50 still indicated growth in the service sector, which makes up the majority of the U.S. economy.
Companies: Starbucks (SBUX, Fortune 500) announced plans to buy a bakery chain after the market closed Monday. Preliminary news of an impending business initiative sent shares higher at the close, but the acquisition itself was not enough to keep investors' interest. Shares fell more than 2% after hours trading.
Currencies and commodities: The dollar rose against the euro and British pound, but fell versus the Japanese yen.
Oil for July delivery slid 10 cents to $83.88 a barrel.
Gold futures for August delivery rose $6.10 to $1,620 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury edged higher, pushing the yield up down to 1.52% from 1.53% late Monday.
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