European markets are called to open negative this morning.
Asian stocks and U.S. equity futures slid while the yen touched a four-month high versus the dollar after U.S. lawmakers called off a vote on House Speaker John Boehner’s plan for raising the debt limit amid a continued impasse. The euro fell for a third day against the Swiss franc.
U.S. stocks lost steam in the afternoon, pushing the Dow lower for the fifth straight session, as investors remain worried about the impending debt ceiling deadline.
The Dow Jones industrial average dropped 62 points, or 0.5%. AT&T dragged on the blue-chip index, while Cisco and Microsoft posted the biggest gains.
The S&P 500 fell 4 points, or 0.3%. The Nasdaq composite managed to hold on to gains, rising 1 point, or 0.1%. Green Mountain was the best performer on the tech-heavy index. Shares of the coffee company rallied 16% on positive quarterly results and a good forecast for the year.
Events this week
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.