Stock futures drop on economic gloom, Citi eyed

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By Ellis Mnyandu

NEW YORK (Reuters) - Stock index futures fell on Monday after Japan became the latest major economy to slide into recession, heightening fears that the global downturn is fast spreading.

The news from Japan, the world's second-biggest economy, marked another big blow to investors' sentiment, along with the failure of this weekend's meeting of the world's 20 largest economies to come up with new stimulus measures to rescue the world economy.

Stocks set to take a pounding, include Dell Inc after Merrill Lynch cuts its rating on the computer maker. Dell shares were off more than 3 percent in Europe.

Citigroup Inc is also among stocks to watch after CNBC television reported that Chief Executive Vikram Pandit will announce cuts of as many as 50,000 jobs before the market open.

"There was some expectation that we will get more action versus commentary out of the G20," said Arthur Hogan, chief market analyst at Jefferies & Co in Boston.

"We are going to have a soft opening and then reassess by lunch time. Japan entering recession is just a 'me too' story. We are in a global recession."

S&P 500 futures fell 7.90 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures declined 96 points and Nasdaq 100 futures fell 10.5 points.

Merrill cut Dell to "neutral" from "buy."

News of Japan sliding into its first recession in seven years in the third quarter followed last week's news that the Euro zone had also entered recession.

In earnings reports, Lowe's Cos Inc , the No. 2 U.S. home improvement retailer, forecast a fourth-quarter profit below Wall Street's estimates, saying it remained cautious about the near term.

U.S. stocks fell on Friday after a record drop in retail sales last month heightened fears that American consumers' reluctance to spend will push the economy into an even deeper downturn than currently expected.

(Editing by Kenneth Barry)

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