Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Wall Street starts the final trading week of June with some bearish trends firmly in place: in the absence of a significant rally, the major averages will finish with their biggest monthly losses since May of 2010, and will keep intact another notable streak. The Dow, the S&P 500, and the Nasdaq have not risen simultaneously for the month of June since 2004.
Most investor attention will be paid today to Greece, where the Parliament is beginning debate today on the controversial round of austerity measures.
The European Union and the IMF have made it clear that a second round of aid won't be forthcoming unless that package is passed, but CNBC's Michelle Caruso-Cabrera, in Athens for the vote, says a handful of supporters for the package are wavering, and that the vote will be extremely close.
One economic report will hit the tape this morning before the open - personal income and spending data for May. Economist expect personal income to match April's rise with a 0.4% increase, while consumer spending should edge higher by 0.1% after a 0.4% rise in April. At 1pm ET, the Treasury will auction $35 billion 2-year notes, to be followed by sales of 5-year and 7-year notes on Tuesday and Wednesday.
The earnings calendar remains light today, but Nike (NKE) will have what will likely be a widely followed earnings report after the closing bell this afternoon.
Dow component Johnson & Johnson (JNJ) and Gilead Sciences (GILD) will be stocks to watch today, as both get bullish mentions in Barron's over the weekend.
President Obama will attempt to get the stalled debt limit talks back on track today, as he meets separately with Senate Majority Leader Harry Reid and Senate Republican Leader Mitch McConnell.
Rep. Michelle Bachman (R-MN) will make her 2012 presidential run official later today.
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