Stock futures weaker after French, Greek elections

NEW YORK (Reuters) - Stock index futures fell on Monday as elections in France and Greece stirred up new uncertainties about how the region will tackle its ongoing debt crisis.

Investors were still digesting Friday's weaker-than-expected April payroll report, which sparked a selloff and produced a weekly loss of 2.4 percent for the S&P 500 -- its worst weekly performance of the year.

Greeks voted out ruling parties in elections on Sunday, dealing a blow to the fragile political consensus that had kept Europe's currency bloc intact through more than two years of crisis. The country's banking index slid 16 percent.

In France, Socialist candidate Francois Hollande won the presidency over incumbent Nicolas Sarkozy, raising pressure on Germany to pursue a more growth-oriented approach to the regional crisis.

Worries over the debt crisis have helped to drive weakness in U.S. equities over recent months as investors questioned its effects on global growth and corporate profits. Some bearish economic data, most notably the payrolls report, have further raised fears that growth may be stalling.

S&P 500 futures fell 7 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 lost 54 points, and Nasdaq 100 futures dropped 15.25 points.

Earnings season is winding down. Of 415 S&P 500 components reporting as of Friday morning, 67.5 percent have exceeded estimates, according to Thomson Reuters data -- a sharp decline from the start of earnings season, when more than 80 percent beat expectations.

Tyson Foods Inc , Electronic Arts Inc and Sysco Corp were scheduled to report on Monday. No major economic indicators were on tap.

Satellite imagery company DigitalGlobe Inc rejected a $792 million takeover offer from rival GeoEye Inc on Sunday, saying the hostile bid substantially undervalued the company and its prospects.

With last week's decline, much of the S&P 500's gain of 3.5 percent has been erased since reaching an April closing low at 1,358.59. The market has found support around that level in the past, but a breach there could take it back to 1,340.

The benchmark index is moving away from strong resistance at 1,400 after failing to make a convincing move above it.

(Editing by Jeffrey Benkoe)