I'd rather see U.S. futures "following" Europe lower than "leading" it - since the United States generally leads and likely won't get TOO panicked over Europe's problems.
I wouldn't be shocked if the Dow is in the black at some point later today, but only because the Dow doesn't often go STRAIGHT down.
Gold is up $13 - but that's not surprising given the thumping it received yesterday. Now $1,826/oz.
Some of you may remember pmcw (from RB, waaaay back). I don't often bring up his old favorite, Intersil (ISIL) - given that the stock has lost about two thirds of its value in the last nine years (and more than that for anyone who held it longer.) It's in the news today but, sadly, not for anything good.
American tech stocks will recover one day, but I'm not holding my breath.
U.S. follows Europe lower
Sept. 13, 2011, 7:27 a.m. EDT
U.S. futures point south as Europe stays in focus
Gloom returns as fears of Greek default continue to take a toll
By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) — U.S. stock futures pointed to opening losses for Wall Street on Tuesday as European markets tumbled again amid fading hopes that China was interested in Italian bonds and continued sovereign-debt worries.
Futures for the Dow Jones Industrial Average dropped 70 points to 10,919, while those for the Standard & Poor’s 500 index SP1Z -0.67% slid 8.4 points to 1,148.60. Futures for the Nasdaq 100 index ND1Z -0.30% fell 12.75 points to 2,177.75.
Europe stocks fell back after initial gains linked to reports China might buy Italian sovereign debt. Media reports on Monday said Italian Finance Minister Giulio Tremonti met with a delegation of Chinese officials last week to discuss possible Italian bond purchases. That report also boosted Wall Street overnight and Asia stocks.
However, markets turned lower after reports of a denial from China. A senior banking official in China reportedly told Market News International that the government may not agree to a proposal to buy Italian debt owing to the instability of European bond markets.
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Steen Jakobsen, chief economist at Saxo Bank, said many in the market believe Germany will come through in the end to try and resolve the European debt crisis, amid concerns that Greece is on the verge of bankruptcy.
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Best Buy to report; Intersil warns
The data calendar was fairly light for Tuesday for the U.S., with import prices for August scheduled for release at 8:30 a.m. Eastern.
On the earnings calendar, quarterly results from Best Buy Co. are due ahead of the opening bell.
Stocks that could be active include Intersil Corp., which late Monday warned on third-quarter revenue. But the shares rose in late trading after Chief Executive Dave Bell said the company now sees indications that “inventory is stabilizing, with bookings likely recovering to consumption rates during the remainder of the third quarter.”
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