U.S. Stocks Follow World Stocks Lower

As futures were indicating, U.S. stocks opened significantly weaker today with the Dow dropping below the 10,000 level again.

The Dow is down 148 to 9,991, the S&P 500 is down 17 and the Nasdaq is down 45.

The downside in U.S. stocks follows selling pressure in a number of world markets on various concerns, including bank repayments to the ECB due later this week and China growth concerns.

European stocks are down between 2-3%, with the FTSE 100 lower by 2.15%, the DAX down 2.4% and the CAC 40 down 3%.

Asian stocks fell between 1-4%, with the Nikkei 225 down 1.3%, the Hang Seng down 2.3% and the Strait Times down 1.38% and the Shanghai Composite the worst at down 4.3%.

Concerns in Europe surround the fact that European banks must repay 442 billion euros in emergency loans to the ECB Thursday.

In Asia, the Conference Board said its leading economic index for China rose just 0.3 percent in April, less than the 1.7 percent reported June 15.

Economic data in the U.S. was slightly better than expected, with the S&P/CaseShiller Home Price index for the month of April comes in at 144.56, vs. the consensus of 144.30. On a month-over-month basis, the index was up 0.44%, vs. the economist estimate of down 0.1%. On a year-over-year basis, the index rose 3.81%, vs. the consensus of up 3.40%.

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