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Market News

European Markets

European markets are called to open negative this morning.

Asian Markets

Asian stocks fell, with the regional benchmark index declining for a fourth day, amid concern U.S. lawmakers will fail to reach a deal on the country’s debt limit and Europe’s worsening crisis will slow the global economic recovery.

US Markets

Stocks sold off sharply Monday and gold prices rose, as worries about Europe’ debt crisis and uncertainty over the U.S. debt ceiling kept investors on edge.

The Dow Jones industrial average sank 95 points, or 0.7%, to end at 12,385. The S&P 500 fell 11 points, or 0.8%, to 1,305. The Nasdaq Composite (COMP) slid 25 points, or 0.8%, to 2,765.

U.S. stocks took their cues from Europe after results from the latest bank stress tests fanned concerns about the challenges facing the European Union as it struggles to resolve the debt crisis in Greece.

Those worries weighed on shares of U.S. financial institutions, with Bank of America, Goldman Sachs and Morgan Stanley all trading at their lowest levels in over two years.

American Express, Citigroup, JPMorgan and Travelers were also under pressure.

But the declines were broad, with all 30 Dow components in the red. Industrial names Alcoa, Caterpillar and Boeing were among the hardest hit.

In Washington, policy makers made little progress over the weekend on a budget deal to raise the nation’ debt ceiling.

Events this week

Tuesday — Dow components Coca-Cola , Johnson & Johnson and Bank of America report their earnings before the bell on Tuesday. Other names to report include Wall Street giant Goldman Sachs, which is expected to earn $2.27 a share.

Bank of America’ results are expected to be closely watched after the company disclosed late last month it settled a lawsuit regarding its mortgage-backed securities. Analysts are expecting BofA to post a loss of 90 cents a share.

In economic data, Wall Street will get June housing starts and building permits from the Commerce Department at 8:30 a.m. ET.

Apple is scheduled to report its earnings after Tuesday’ closing bell. The iPod, iPad and Mac computer maker is forecasted to earn $5.80 a share. Also out after the bell on Tuesday are results from Yahoo!.

Wednesday — Before the bell, Dow member United Technologies will report its quarterly results along with S&P members BlackRock and Altria .

The National Association of Realtors will release their June existing home sales data as well.

After the bell, Dow members American Express , and chipmaker Intel will issue their quarterly results.

Thursday — Before the bell, Dow members AT&T and Travelers will report their results. Also reporting on Thursday is Morgan Stanley, who is expected to post a loss of 62 cents a share.

On the economic front, the Labor Department issues its weekly jobless claims data at 8:30 a.m. ET. The Philadelphia Federal Reserve will release its July manufacturing survey at 10 a.m. ET.

Economists surveyed by Briefing.com expect weekly jobless claims rose to 411,000 claims last week compared with the 405,000 claims reported the week before.

Federal Reserve Chairman Ben Bernanke is scheduled to testify in front of the Senate Banking Committee starting at 10 a.m. ET on Thursday. The chairman is speaking on the Dodd-Frank financial regulatory reform law.

After the bell, investors will get earnings results from Intel competitor Advanced Micro Devices as well as software giant Microsoft. Analysts expect to earn 58 cents a share, according to Thomson Reuters.

Friday – Four Dow components report their quarterly results on Friday: Verizon , General Electric, Caterpillar and McDonald’.

Analysts expect that Verizon earned 55 cents a share last quarter, while GE earned 32 cents a share, McDonald’ had a profit of $1.28 per share and Caterpillar earned $1.79 a share.

Other names reporting on Friday include former Dow member Honeywell (HON, Fortune 500), imaging company Xerox and oil company Schlumberger.

There’ no scheduled economic data out this day.