Euro Concerns Weighing on US Futures
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US futures are indicated lower this morning as a number of concerns in the Eurozone are weighing on stocks today.
With about an hour and a half left in the pre-market session, Dow Jones futures are down about 25 points, Nasdaq futures are down about 6 and the S&P 500 is down about 3. Notably, with the weakness in the Euro markets, the dollar is strengthen this morning.
Prior to today's decline, European stocks had surged seven days in a row, marking an almost 4% rise in the SPDR Euro Stoxx 500 ETF (NYSE: FEZ).
Today turmoil comes from opposite ends of the Eurozone, from Spain and Greece.
Moody's said it is considering downgrading Spain's credit ratings, placing the country's Aa1 debt rating on review. The rating agency cited the E170 billion ($226 billion) Spain will need to raise sometime next year. Investors are showing concern that the Euro debt crisis may be spreading even after the Irish and Greek bailouts.
Additionally, in Greece, protesters have caused delays in airports and in bus stations and caused ports to shut down. Public service sector strikes have spread across the country as employees are unhappy with extreme wage cuts related to the recent austerity measures.
With about an hour and a half left in the pre-market session, Dow Jones futures are down about 25 points, Nasdaq futures are down about 6 and the S&P 500 is down about 3. Notably, with the weakness in the Euro markets, the dollar is strengthen this morning.
Prior to today's decline, European stocks had surged seven days in a row, marking an almost 4% rise in the SPDR Euro Stoxx 500 ETF (NYSE: FEZ).
Today turmoil comes from opposite ends of the Eurozone, from Spain and Greece.
Moody's said it is considering downgrading Spain's credit ratings, placing the country's Aa1 debt rating on review. The rating agency cited the E170 billion ($226 billion) Spain will need to raise sometime next year. Investors are showing concern that the Euro debt crisis may be spreading even after the Irish and Greek bailouts.
Additionally, in Greece, protesters have caused delays in airports and in bus stations and caused ports to shut down. Public service sector strikes have spread across the country as employees are unhappy with extreme wage cuts related to the recent austerity measures.
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