Futures Extend Losses Amid European Jitters
Futures tumbled further Monday pressured by Friday’s weak nonfarm payrolls report, which reignited fears of a slowdown and as Italian debt fearsspooked markets.
European top officials meet in Brussels to discuss Italy as well as the broader euro zone crisis ahead of a meeting of euro zone finance ministers.
Italy is the euro zone’s third-biggest economy and leaders are desperate to avoid market contagion from Greece.
Italian banks continued to skid, extending last week's losses. European banks trading in the U.S. were also trading lower, including Barclays and Deutsche Bank .
Meanwhile, Caterpillar slipped even after JPMorgan resumed its coverage on the heavy-equipment maker with "overweight."
ArcelorMittal and Peabody Energy said they have made an offer to buy Macarthur Coal in a bid that values the Australian company at $5 billion.
There are no macroeconomic data due on Monday, but second-quarter earnings unofficially kicks off with Alcoa due to report after the closing bell.
In the U.S., Congressional leaders and Obama will try again this week to reach a budget deal. Obama will hold a news conference at 11am ET to give an update on the debt limit talks.
European markets were lower, while Asian markets also lost ground.
Coming Up This Week:
MONDAY: Earnings from Alcoa, Chevron interim results
TUESDAY: International trade, 3-yr note auction, FOMC Minutes, Campbell Soup analyst meeting
WEDNESDAY: Weekly mortgage apps, import & export prices, Bernanke speaks, oil inventories, 10-yr note auction; Earnings from Yum Brands
THURSDAY: PPI, retail sales, jobless claims, business inventories, 30-yr bond auction, money supply, NPD video games sales; Earnings from JPMorgan and Google
FRIDAY: CPI, Empire state mfg survey, industrial production, consumer sentiment, credit card default rates reported, Dell shareholder mtg; Earnings from Citigroup and Mattel
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