Premarket, futures are down.

The Market

Not much news on Dow stocks this morning.

Asian markets closed mixed.

European markets are lower, led by Italian shares as regulators launched a formal investigation into Banca Monte dei Paschi di Sienna following its bailout request resulting from a large derivative loss.

The EUR/USD was lower at 1.3588.

Spanish 10-year government bond yields are up sharply to 5.21 percent, the highest in over one month.

Italian 10-year government bond yields are up sharply to 4.42 percent.

Gold is lower.

Earnings

Dow stock earnings this week has Disney (DIS) reporting earnings tomorrow after the market close. Other notable stocks reporting earnings today include GCI (estimates 0.88), HUM (1.069), GILD (0.477), HIG (0.279), LEG (0.323), TMK (1.314) and YUM (0.819).

Financial Calendar

0945 ET Jan New York ISM expected -2.3 to 52.0, Dec 54.3.
1000 ET Dec factory orders expected +2.3%, Nov unch.
1100 ET USDA weekly grain export inspections.
1500 ET Treasury issues quarterly borrowing requirements.