Wall Street to slide at open on global demand concerns

NEW YORK (Reuters) - U.S. stocks were poised for a sharply lower open on Tuesday, on concerns about the impact of lower oil prices on the global economy and the effect of political turmoil in Greece on the euro zone.

The Shanghai Composite Index <.SSEC> dropped more than 5 percent, its biggest drop in more than five years, also weighing on investor sentiment.

Brent crude touched a fresh five-year low on Tuesday before rebounding near $67 a barrel on hopes prices may be bottoming. Oil prices have been under pressure as the dollar has strengthened and OPEC decided against an output cut. [O/R]

"It?s oil, oil and more oil, and all eyes are on oil here because, even though it certainly does support the economic momentum driven by the consumer, it certainly does detract from the cyclical sectors of the market," said Anastasia Amoroso, Global Market Strategist at J.P. Morgan Funds in New York.

"Until we see stabilization in the price of oil, it?s difficult to see a stabilization in the price of energy shares, so that will continue to weigh on the market."

Political unrest in Greece also brought about investor nervousness, after the government brought a presidential vote forward in a political gamble that raised uncertainty over the country's transition out of its bailout.

Adding to the cautious tone was speculation if the U.S. Federal Reserve will change its language to keep rates near zero for a "considerable time" when policymakers meet next week after the strong jobs report on Friday.

S&P 500 e-mini futures were down 19.5 points and fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract, indicated a lower open. Dow Jones industrial average e-mini futures <1YMc1> fell 152 points and Nasdaq 100 e-mini futures lost 43 points.

The benchmark S&P index fell 0.7 percent on Monday, its biggest drop since Oct. 22, dragged lower by weakness in the energy sector <.SPNY>, which fell 3.9 percent to hit its lowest level since June 2013. The S&P 500 has climbed for seven straight weeks, and is up 10.6 percent from its October low.

In a relatively light week for economic data, wholesale trade data for October is due at 10 a.m. (1500 GMT). Expectations call for inventories to rise 0.2 percent while sales are expected to rise by 0.1 percent.

U.S.-listed shares of Seadrill gained 2.3 percent to $11.83 before the opening bell. John Fredriksen, the biggest owner of the offshore driller, purchased another 1.3 million shares in the firm to raise his stake to 119 million shares, or 24.15 percent.

Shares in bluebird bio surged 56.9 percent to $76.70 in premarket trade after the company said a study for its blood disorder treatment showed patients were essentially cured.

Conn's Inc plunged 36 percent to $22.45 in premarket after the home appliance retailer posted third-quarter earnings and withdrew its 2015 outlook. In addition, the company said its CFO Brian Taylor had resigned.

(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama and Nick Zieminski)

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