As the saga continues, the International Monetary Fund is now saying that Greece's high debt levels and poor record on carrying out reforms make the country unqualified for another bailout. But how is this new news?
Fears are spreading that if the IMF will not join with the EU's most recent financial rescue, the whole rescue could fall apart. Meanwhile the IMF is still participating in negotiations with Greece (read: great leverage).
And global concerns continue as the Shanghai Composite finished the week down 9% and the month off 14% as the market continues to slide. Authorities in China are investigating the impact of automated trading on the markets. In good news for China, the International Olympic Committee announced that Beijing was chosen to host the 2022 Olympic Winter Games.
Some earnings reports of note today include: Tyco International (TYC), Aon (AON), Newell Rubbermaid (NWL), Legg Mason (LM), LifePoint Health (LPNT), WisdomTree Investments (WETF), MoneyGram International (MGI), Heartland Payment (HPY), Exxon Mobil (XOM), Seagate Technology (STX), Royal Caribbean Cruises (RCL), American Axle & Manufacturing (AXL), Diana Shipping (DSX), and Chevron (CVX).
On today's domestic economic calendar, we have the Chicago Purchasing Managers Index announcement at 9:45 a.m. ET -- with 50.8 expected; and the University of Michigan consumer sentiment report at 10:00 a.m. ET --with consensus at 94.0. We will also get a report on the Baker Hughes rig count at 1 p.m. ET.