I will be doing a CAT earnings preview (CAT reports Monday before the open) later in the morning.
In the meantime, markets overnight:
- Asia was broadly lower after weak tech earnings in the U.S., but no market was down more than 1%, as optimism about a Chinese rebound continues.
- More classical risk-off began in the Europe session. The European summit failed to deliver concrete steps on Spain, and the banking union discussion targeted the end of 2013 as a potential resolution date. Europe is down close to 1%, led by Spain and Italy down 1.5%, with European banks seeing the largest losses.
- The dollar and Treasuries are slightly higher. Copper and silver are leading metals lower, though grains and energy commodities are mostly higher.
- GE reported weaker than expected revenues, as the health care-unit missed expectations. The stock is down 1.5%
- Existing home sales data will be released at 10:00 am