US Markets

US stock futures down hard on Ukraine worries, after spending data

Wall Street will kick off a busy week for data on Monday, with the latest manufacturing Institute for Supply Management (ISM) index due at 10 a.m. ET.

The index is seen reading 52.0 for February, up from 51.3 in January but below its six-month average of 55.6. Any reading above 50 indicates a sector expansion.

Economic data ahead of the open had personal income climbing 3 percent and spending up 0.4 percent in January.

In addition, there is construction spending at 10 a.m. and auto and truck sales at 2 p.m.

"We are looking for construction spending to decline by 0.5 percent in January, with modest declines in private residential and non-residential components and in both federal and state and local government. To some extent, this is likely to reflect negative weather effects, highlighted in the sharp drop in housing starts during the month," said Joey Chew and Guillermo Felices of Barclays Research in a morning note.

Fourth-quarter earnings reports slow down considerably this week.

U.S. stock index futures pointed to a lower open on Monday, and most shares in Europe and Asia also traded lower. Investor sentiment was curbed by the ongoing instability in Ukraine. The country called up its reserve troops and mobilized for war on Sunday after Russian President Vladimir Putin's forces took control of Crimea in the biggest confrontation between Moscow and the West since the Cold War.

(Follow our live blog: Ukraine crisis: Latest news and market reaction)

Russian stocks on the MICEX Index, which opened at 2 a.m. ET, plummeted 10 percent in early trade. Meanwhile, the dollar climbed to an all-time high against the rouble.

Investors also digested the latest report on Chinese factory activity. The final HSBC reading for February showed factory output fell to a seven-month low of 48.5 in a third consecutive monthly decline. However, the reading was above the flash reading for February of 48.3.

—By CNBC's Katy Barnato