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Pisani: Greece Sneezes, US Catches a Cold

Earnings good this morning, so why are stocks down?

Once again, events on the other side of the pond are capturing trader attention:

1) Greek bonds are again blowing out. Yields are up: the 10 yr Greek bond yield is now over 7 percent, up about 30 basis points today. The 5 year note, which was sold on Monday at a coupon of 6.2% is now yielding 6.56%. The spread between those bonds and comparable European bonds are widening. (See:Others Will Follow Greek Debt Tragedy: Niall Ferguson)

2) Standard and Poor's, just after the U.S. market opened, released a report saying the United Kingdom was no longer classified as being among the most stable and low-risk banking systems globally. The U.K. market dropped on that.

3) Earnings reports, while strong for most companies, were disappointing for several tech bellwethers, including Motorola (down 10 percent), Qualcomm (down 13 percent), and LSI (down 10 percent).

Apple also down 3.8 percent the day after its iPad announcement.


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