European worries are hitting the US futures this morning after news broke that the pro-bailout parties in Greece could not form a coalition government. The focus now shifts towards the leftist parties who are decidedly anti-bailout. Most observers doubt they will be able to form a new government, which could lead to new elections in June. All the uncertainty has domestic futures edging lower this morning. Dow futures are down 72 points, Nasdaq futures are off 16 and the S&P 500 futures are down just over 6 points.
International markets were mixed overnight as investors take a wait and see approach to the French and Greek results. The lack of any domestic economic data will have the market trading sideways according to most analysts. US markets could also be susceptible to knee-jerk reactions on news out of the EU.
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A measure of small business optimisms posted its best post-recession number this morning. The NFIB reported that its index rose by 2 points to 94.5. It was helped along by an 11 point increase in earnings trends.
Commodities are following the broader market lower this morning. Oil prices are dropping again as Nymex crude futures are off a dollar to $96.94 per barrel. Gold prices are following suit, down over $23 to $1616 per ounce. [Read more...]