Patti Domm is CNBC executive news editor, responsible for news coverage of the markets and economy. Prior to joining CNBC in 1999 as senior news editor, Domm was the equities editor for the Americas at Reuters. She was also Wall Street editor at Reuters, reporting on mergers, acquisitions and the Street. She also edited three CNBC books on personal investing. Domm serves on the board of the Financial Womens Association of New York.
As Americans give thanks over the holiday table Thursday, nervous traders will be watching the developments overseas and will continue to do so in Friday's half day stock market session.
Holiday shopping is being held out as a potential bright spot for markets, discouraged by failure in Washington and fumbling in Europe.
Investor attention will swing between the U.S. and Europe as politicians on both sides of the Atlantic struggle with debt and deficits that hang like a threatening pendulum over markets.
Economists are encouraged by signs that companies are not cutting workers, and they say November's jobs report could be better than October's tepid growth.
Stock traders Friday will be watching headlines from Europe, and increasingly they will be turning to Washington for any signs of movement by the Congressional "super committee." It is also a day for options expirations, another source of volatility.
U.S. companies in cyclical and defensive industries could take the biggest earnings hits if Europe falls into recession.
Europe could keep markets on a short leash Tuesday.
The congressional 'super committee' could quickly become a super-sized headache for markets if it doesn't show progress by its Thanksgiving-eve deadline. Investors are decidedly negative in their view of the bi-partisan committee, as they remember the high level of political rancor surrounding the debt ceiling debate and the subsequent downgrade of the U.S. credit rating last summer.
Shares of Best Buy fell more than 5 percent after the electronics retailer said CFO Sharon McCollam will step down.
Names on the move ahead of the open.
Analysts at MoffettNathanson sent a message to Twitter on Tuesday: Get it together.
Fed officials keep saying they want to raise interest rates this summer, but the bond market doesn't believe it.
Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.
A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.
Senior Producer - Breaking News
Dominic Chu is a markets reporter for CNBC.
Evelyn Cheng is a markets writer for CNBC.
Sara Eisen is a correspondent for CNBC, focusing on currencies and the global consumer.