US open: Dow Jones loses 100 points as Greece talks continue

US stocks declined on Friday as investors remained wary ahead of what could be Greece’s last chance to resolve its financial impasse.

Just before 10:00 in New York, the Dow Jones Industrial Average was down 0.51%, while the S&P 500 and the Nasdaq had declined 0.14% and 0.09% respectively.

Eurozone finance ministers are meeting in Brussels, with Germany having already rebuffed Greece’s demand to extend its bailout. Greek finance minister Yanis Varoufakis told reporters he believes the Eurogroup can thrash out a deal.

"I trust that we are going to have one. The Greek government has not just gone the extra mile but the extra 10 miles and now we are expecting our partners not to meet us halfway but a fifth of a way,” he said.

"I have no doubt there will be a very collegial discussion and hopefully at the end of this we come out with some white smoke."

US manufacturing grew from 53.9 in January to 54.3 in February, as output levels rose at the fastest pace in four months, though they did so at a weaker rate than the average for 2014 as a whole.

Production volumes expanded at a solid pace in February, registering the biggest increase since October, while overall new orders also increased.

“The production upturn occurred despite widespread delivery delays caused by heavy snowfall and port strikes, which may have also been a factor behind the near-stagnation of exports, suggesting the underlying picture may have been one of slightly stronger growth," said Markit chief economist Chris Williamson.

“However, the rate of growth remains well down on last year’s peaks, and a slowing of new orders growth to the weakest for just over a year looks to have caused employers to take a more cautious approach to hiring."

Noodles & Co tanked over 27% after reporting late on Thursday that its fourth quarter earnings had fallen short of estimates,

Retailer group Nordstrom and technology group Marvell Technology both slipped over 1% in pre-market trading after disappointing earnings, while Cabot Oil & Gas was down 2.53% ahead of its fourth quarter earnings.

Deere & Co. fell 0.3% after reporting a 17% drop in sales and warning of further troubles ahead as it continues to suffer from weak demand.

Gold futures rose 0.51% to $1,213.70, while the dollar gained over 0.5% against the euro and 0.3% against the pound but fell 0.4% against the yen.

Oil prices were stable, with West Texas Intermediate losing less than 0.1% and trading just under $51.80 a barrel, while Brent crude gained 0.5% to $60.53 a barrel.