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Futures Showing 2% Drop at Opening Bell

The weekend was apparently not the pause that refreshes for Wall Street: Following a mild selloff on Friday, futures pointed to a sharply lower open for stocks Monday.

  • Dow 30: Extra-Hour Quotes
  • Pre-Markets/Futures Data
  • Many investors apparently feel it's time to take at least some profits after the S&P 500 rose about 50 percent from its March 9 low. the major indexes were showing a drop of about 2 percent at the opening.

    Lowe's, the number two home improvement retailer, added to the market's poor mood after reporting a 19 percent drop in quarterly profit that was worse than estimates. Shares fell more than 9 percent in premarket trading.

    The poor results from Lowe's spread; competitor Home Depot , which reports Tuesday, saw its shares slip more than 4 percent as well.

    Stock weakness was being felt across the board, with the price on the 30-year treasury bond gaining more than 1 point and oil dropping below $66 a barrel to its lowest price for August.

    No major economic reports are on tap this morning, but there are two pieces of data which usually draw some market interest.

    The Empire State Manufacturing Index - a measure of manufacturing activity in New York State - is out at 8:30 am New York time, while the National Association of Home Builders issues its Housing Market Index at 1 pm, measuring sentiment in the home building industry.

    We'll also see some numbers that don't usually draw the spotlight but nonetheless have the potential to be influential: the Treasury issues its so-called "TIC" data at 9 am, which reflect exactly how much investment money is flowing into - or out of - the United States.

    Throughout the day, credit card issuers will be out with their monthly "master trust" data, which provide up-to-date numbers on delinquencies for each issuer.

    Health care stocks could be worth watching, as the Obama Administration signals that it may be ready to give up the idea of a public option for people seeking health insurance.

    - Peter Schacknow, senior producer at CNBC.com, contributed to this report.