Exchange traded funds tracking U.S. stocks and the euro were set to open sharply lower Monday as worries over the debt problems in Europe’s periphery sapped sentiment.

SPDR S&P 500 ETF (NYSEArca: SPY) was down more than 1% in premarket trading as Dow futures dropped more than 100 points and the S&P 500 fell over 10 points.

CurrencyShares Euro Trust (NYSEArca: FXE), which follows the movement of the euro versus the dollar, slid nearly 1%.

Fitch downgraded Greece’s credit rating Friday while Standard & Poor’s cut its view on Italy.

The iPath S&P 500 VIX Short-Term Futures ETN (NYSEArca: VXX), which tracks futures contracts on Wall Street’s “fear gauge,” rose more than 3% before the bell.