Investors should get ready ready for a steady diet of Europe this morning after the double elections wrapped up yesterday. While the French result was expected, the Greek parliamentary elections were a total route for the pro-bailout parties. They failed to win enough seats to form a coalition, so gridlock in the Greek government is expected.
This could put the entire bailout at risk and the Euro as a consequence. France selecting a socialist president is almost assuredly going to open a rift with Germany. Currently Dow futures are down 49 points. Nasdaq and S&P futures are down 11 and 5 points respectively.
Domestic economic data is nearly nonexistent today with just consumer credit data set for release at 3pm EST.
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Commodities are following the broader market lower today. Oil prices have lost their hold on $100 per barrel as Nymex crude futures are down another 77 cents to $97.72. Gold prices are also modestly lower, down $7.10 to $1,638 per ounce. [Read more...]