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NEW YORK (CNNMoney) — U.S. stocks were set to decline at the open Friday as investors grew concerned about the latest obstacle in Greece’s ongoing debt saga.
The Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were down between 0.4% and 0.7%. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.
The fresh bout of worries came after eurozone finance ministers said that the new Greek austerity deal does not go far enough. The finance ministers said they would need to see more spending cuts before signing off on a new €130 billion bailout, which is key to the debt-laden country making its payment on a €14.5 billion bond redemption next month and avoiding default.
“Despite the important progress achieved over the last days, we did not yet have all necessary elements on the table to take decisions today,” said Jean-Claude Juncker, the prime minister of Luxembourg and head of the Eurogroup.
Specifically, Juncker said the reform package needs to be approved by the Greek parliament this weekend, and Greece’s leaders need to pledge they’ll continue to implement the measures after elections in April. He also said that Greece must cut an additional €325 million from its “structural expenditures” in 2012.
If Greece meets those conditions, a bailout package could be signed as early as next week, when eurozone finance ministers are due to meet again.
Meanwhile, Greece is also working to finalize a deal with its private-sector creditors to write down a portion of its debt.
U.S. stocks posted slim gains Thursday, as investors breathed a sigh of relief after Greek political parties struck a deal on the austerity measures.
World markets: European stocks were lower in midday trading. Britain’s FTSE 100 (UKX) slipped 0.5%, the DAX (DAX) in Germany dropped 1% and France’s CAC 40 (CAC40) fell 0.8%.
Asian markets ended mixed. The Shanghai Composite (SHCOMP) added 0.1%, while the Hang Seng (HSI) in Hong Kong shed 1.1% and Japan’s Nikkei (N225) fell 0.6%.
China’s trade surplus expanded in January as imports slumped 15%, sparking questions over the sustainability of China’s rapid economic growth.
Economy: Reports are due Friday on consumer sentiment and the U.S. trade balance. In the afternoon, the Treasury Department’s budget report for January will be released.
The December trade deficit is expected to stand at $48.2 billion, according to a survey of analysts by Briefing.com.
The February edition of the Michigan Consumer Sentiment Index is expected to come in at 74, down from 75 last month, while the January Treasury budget report is expected to show a deficit of $40 billion.
Companies: Companies, including telecom equipment maker Alcatel-Lucent (ALU), were scheduled to report their quarterly results early Friday.
Alcatel-Lucent is expected to report quarterly earnings of 11 cents a share on $5.8 billion in revenue, according to a survey of analysts by Thomson Reuters.
LinkedIn (LNKD) shares jumped almost 9% in premarket trading Friday, a day after the professional networking site’s fourth-quarter profit surged 30% and revenue more than doubled.
Currencies and commodities: The dollar rose against the euro and the Japanese yen, but fell slightly versus the British pound.
Oil for March delivery slipped $1.27 to $98.57 a barrel.
Gold futures for April delivery fell $18.80 to $1,722.40 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.99% from 2.05% late Thursday.
– CNN’s Elinda Labropoulou and Per Nyberg contributed to this report.? 
First Published: February 10, 2012: 6:24 AM ET
