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.
Fears Europe will drag the world into recession—and with no new signs of relief from the Fed—combined to pressure the euro and trigger a selling wave across risk assets.
The OPEC meeting is one of the bigger events for markets on Wednesday, and traders will also be watching Europe as the euro continues to weaken on disappointment about the response to the sovereign debt crisis.
"Europe is going into recession and the ripple effect on global growth next year is the story," says strategist Peter Boockvar. "To think we can avoid it is delusional."
The euro could be headed for a long slide—and possibly take stocks and commodities with it.
Investors await the final outcome of the European leaders' summit with lowered expectations, after Thursday's stream of disappointments out of Europe rattled markets.
Analysts see little chance investors will gets what's on their wish list from the EU this week, but European leaders will probably muddle through by providing enough of a framework towards a solution to their sovereign crisis to at least temporarily appease markets.
The final week of July is guaranteed to be one of the busiest of the summer.
Plenty of trading tax proposals have been floated around by politicians, but how effective would they really be?
CEO Mark Dunkerley said lower fuel costs and strong demand propelled the strong quarterly results.
Names on the move ahead of the open.
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.