European markets are called to open negative this morning.
Most Asian stocks dropped, led by exporters and banks, as a political stalemate over raising the U.S. debt ceiling increases concerns the world’s biggest economy could default, stalling the global economic recovery.
U.S. stocks retreated Tuesday, as concern about the outlook for corporate earnings and ongoing worries over the U.S. debt ceiling shook investor confidence.
The Dow Jones industrial average fell 92 points, or 0.7%, to 12,501. The S&P 500 lost 5.5 points, or 0.4%, to 1,332 and the Nasdaq Composite fell 3 points, or 0.1%, to 2,840.
The Dow was dragged lower by industrial conglomerate 3M (MMM, Fortune 500), whose shares sank more than 5%, after the company’ quarterly results missed some analysts’ expectations.
Despite beating expectations for quarterly earnings, shares of several companies fell — including Netflix, UPS and Ford — as investors remain concerned about companies’ outlooks.
Events this week
Wednesday: Wall Street will get quarterly results from Dow component Boeing before the bell on Wednesday. Analysts expect the aerospace giant will post a profit of 96 cents a share, according to Thomson Reuters.
Other companies reporting before the bell include Dow Chemical, glass maker Corning and oil conglomerate ConocoPhillips.
The Commerce Department will release June durable goods figures at 8:30 a.m. ET. The Federal Reserve releasing its July “Beige Book” at 2 p.m. ET.
Economists surveyed by Briefing.com expect that durable good orders rose by 0.4% in June.
After the closing bell, credit card processing company Visa will report its results.
Thursday: Oil giant Exxon Mobil reports its quarterly numbers before the opening bell. Analysts expect that Exxon earned $2.33 a share, helped in part by elevated oil prices.
The Labor Department will put out its weekly jobless claims numbers at 8:30 a.m. ET; economists expect claims fell by 3,000 to 415,000.
Investors will also get results from MetLife and Starbucks after Thursday’ closing bell.
Friday: Two Dow members will report their results before Friday’ bell: drug maker Merck and oil giant Chevron. Analysts are looking for Merck to post a profit of 95 cents a share, while Chevron is expected to earn $3.56 a share.
Investors will get the first reading on second-quarter GDP at 8:30 a.m. ET. Out after the bell is the Chicago purchasing managers index and the University of Michigan consumer sentiment survey.