The Market is down this morning with the Dow shooting to -59 in the opening moments. Gainers this morning include DNR (+2.43%), BSX, ISRG, CSCO and FTI while losers include FRX (-4.23%), AAPL, CLF, JDSU and HES.

The Market

President Barack Obama, talking about raising the U.S. borrowing limit, said Monday, that he sees no alternative to Congress voting for an increase and that not doing so would be “irresponsible” and “absurd.” Obama also warned that if Congress doesn’t raise the debt limit, Social Security checks and veterans’ benefits could be delayed and government workers and vendors wouldn’t get paid.

U.S. retail sales were up 0.5% in December, better than expected but not a big jump. Retail sales were led by auto sales.

Producer prices for December came in lower than expected, falling 0.2%.

Facebook (FB), not a Dow stock, was up 1% in anticipation of its mystery announcement, scheduled to take place at 1 p.m. ET at the company’s headquarters in Menlo Park, Calif.

European markets are down and Asian markets closed mixed.

Earnings Reports

Earnings reports (estimates): FRX-Forest Labs (-$0.08), LLTC-Linear Tech (0.44), LEN-Lennar (0.44), CBSH-Commerce Bankshares (0.72), FULT-Fulton Financial (0.20), IRWD-Ironwood Pharmaceuticals (-0.48), PNFP-Pinnacle Financial (0.33), IBKR-Interactive Broker (0.21).

Financial Calendar

0800 ET Boston Fed President Eric Rosengren speaks on the economic outlook at the Greater Providence Chamber.

0830 ET Jan Empire manufacturing index expected +8.1 to 0.0, Dec -2.9 to -8.1.

0830 ET Dec retail sales expected +0.2% m/m, Nov +0.3% m/m. Dec retail sales ex-autos expected +0.2% m/m, Nov unch m/m. Dec retail sales ex-auto and gas, Nov +0.7% m/m.

0830 ET Dec PPI expected -0.1% m/m and +1.4% y/y, Nov -0.8% m/m and +1.5% y/y. Dec core PPI expected +0.2% m/m and +2.1% y/y, Nov +0.1% m/m and +2.2% y/y.

1000 ET Nov business inventories expected +0.3% m/m, Oct +0.4% m/m.

1230 ET Philadelphia Fed President Charles Plosser speaks on the U.S. economic outlook at Simon School of Business in Rochester, NY.

n/a World Bank released Global Economic Prospects report.

1630 ET API weekly U.S. oil statistics.