The Dow, the S&P 500 and the Nasdaq all registered single-digit moves both Friday and Monday, but this morning's worries likely mean a sharply lower opening, and those worries have also sent many investors to U.S. Treasuries. The 2-year yield hit a record low in overnight trading, while the benchmark 10-year note's yield hit a 14-month low.
Before the markets open this morning, investors will see the latest S&P/Case-Shiller home price data. Economists expect to see a 3.5 percent rise for April following a 2.3 percent increase in March. That data will be out at 9 am New York time.
At 10 am, the Conference Board issues its monthly consumer confidence index, with consensus forecasts calling for a June reading of 62.5 compared with May's 63.3.
Barnes & Noble reported a larger quarterly loss for its fourth quarter, compared the same quarter last year, and forecasts another loss for the current quarter. Another earning report of note will come after the closing bell this afternoon, when food-maker General Mills reports its latest quarterly numbers.
Tesla Motors has priced its highly anticipated initial public offering at $17 per share, above the planned $14-$16 range. The maker of electric cars also increased the number of shares for the IPO by 20 percent to 13.3 million. The shares will begin trading later today.
Google will stop automatically redirecting users of its Chinese search engine to its Hong Kong web site, as it tries to avoid a conflict with the Chinese government that could result in losing its license to operate in China.
The death of Senator Robert Byrd (D-West Virginia) over the weekend may delay final action on the financial regulation reform bill until mid-July, according to political experts. The House is expected to approve the legislation as early as tonight, but the absence of Byrd's key vote may delay Senate approval.
Tropical Storm Alex is set to strengthen into a hurricane today, which could impact BP's efforts to contain the massive Gulf oil spill.
- Written by Peter Schacknow, Senior Producer, CNBC Breaking News Desk.