U.S. stock index futures struggled to find direction ahead of the open Tuesday as euphoria over China's pledge to allow the yuan to appreciate faded.
European shares were lower across the board, snapping a 9-session winning streak. Asian indexes ended lower as investors considered the potential negative impacts of a stronger yuan, such as less competitive exports.
Meanwhile, here's what guests on today's Squawk on the Street were watching before the opening bell:
ETFs and Europe
David Kotok, Cumberland Advisors chairman and CIO says his favorite areas for investing right now are in US ETFs, including defense transportation, biotech and natural gas.
He says he also is shifting slowly from emerging overweight to Europe.
"I just returned from a week of GIC meetings in Prague and Paris," Kotok says. "I'm becoming more bullish on northern Europe."
It's still too soon for the euro currency, he adds, but that should not be confused with stocks. Also, he says the euro will survive and be much stronger after the crisis. Then US policies will alter balance in favor of the euro as reserve currency.
Ray Harrison, founder of Harrison Financial Group, says his firm remains positive on high-quality US equities — those with good balance sheets, management and steady cash flow. But in particular, the firm likes Canada because of the country's strong finances and sound banking system.
"Canada should continue to do well," he says. "It has powerful longterm advantages of enormous resources in:
See more of what these and other analysts and money managers have to say, and get the latest financial news. Watch Squawk on the Street every weekday morning starting at 9 a.m. ET.
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