Peter Schacknow, Senior Producer, CNBC Breaking News Desk
June 21, 2011
Though investors are still focused on the ongoing debt drama in Greece, they appear to have - as Mad Money's Jim Cramer puts it - written off the catastrophe scenario.
The Dow and S&P 500 are coming off their first 3-day win streak in about three weeks, and stock index futures are pointing to a higher open for U.S. markets this morning.
The Greece situation is still in the spotlight, though, with a confidence vote for Greece's cabinet set for later today.
Unlike yesterday, there are events on both the earnings and economic calendar today - most prominently, the start of a two-day FOMC policy-setting meeting.
That meeting will conclude with an interest rate decision and statement tomorrow, followed by Fed chairman Ben Bernanke's news conference.
As for statistical releases, the National Association of Realtors is out with May existing home sales at 10am ET. Economists predict a 5.0% drop from April levels to an annual rate of 4.8 million units. In April, sales had dropped by 0.8%.
Drug retailer Walgreen (WAG) and cruise line operator Carnival (CCL) are the most prominent of this morning's earnings reports, while Adobe Systems (ADBE) and Jabil Circuit (JBL) will release their quarterly reports after the closing bell this afternoon.
Insurer Chubb (CB) is a stock to watch this morning, after upping its estimated catastrophe losses for April and May because of the rash of tornadoes and severe storms.
Nokia (NOK) could see some further downward pressure, after unveiling a new smartphone that did not impressed analysts.
ConocoPhillips (COP) and Occidental Petroleum (OXY) also make the watch list, as the two receive SEC inquiries about their operations in Libya.
Tyco (TYC) may get some investor attention today, as it's in talks to buy Israeli electronic security systems maker Visionic.
And BP (BP) will get $75 million from oil services group Weatherford (WFT) in conjunction with the Gulf oil spill.
Weatherford provided equipment used in the Macondo well, and it will be indemnified against any economic claims related to the spill as part of the agreement.
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