Peter Schacknow, Senior Producer, CNBC Breaking News DeskWall Street's longest winning streak in more than two months is likely to come to a halt today, based on early action in the futures markets.
Futures and overseas stocks are sliding after EU finance ministers failed to come to any agreement over the weekend about stemming the European debt crisis.
The major U.S. stock averages have a 5-day win streak, and are coming off their biggest weekly gains in 11 weeks.
Those European concerns are having some predictable effects in the markets this morning, with the euro, oil prices, and soft commodity prices falling.
The week starts off with a relatively light day on the economic calendar: the only report of note is the monthly sentiment index from the National Association of Home Builders at 10:00am ET. That index is expected to come in at 15 for September, unchanged from August.
It's also another not-so-busy day on the earnings calendar, with homebuilder Lennar (LEN) the only company of note reporting this morning.
President Obama will officially announce his latest proposals for deficit reduction in a Rose Garden speech at 10:30am ET.
The proposals would cut the deficit by more than $3 trillion over the next decade, but are likely to run into Republican opposition in Congress because parts of the plan call for higher taxes on corporations and the wealthy.
Netflix (NFLX) is a stock to watch this morning, on news that it is separating its DVD and streaming video rental services.
The DVD by mail service will now be known as "Qwikster", while the streaming service will keep the Netflix brand name.
We'll also watch shares of Goodrich (GR), as CNBC's David Faber identifies that company as the target of a possible buyout by United Technologies (UTX).
Boeing (BA) shares bear watching, as the first delivery of its 747-8 freighter is delayed. Boeing says the delay was caused by contract issues with the buyer, Cargolux.
Drugmaker Sanofi (SNY) has won a favorable patent ruling in a New Jersey court in a dispute versus Sun Pharmaceuticals.
And UBS (UBS) has upped its estimate of the losses from unauthorized rogue trades to $2.3 billion from the original $2 billion.
In the news: Fed officials are working on a plan to better explain its economic goals to the public. That's according to the Wall Street Journal, which says Fed chairman Bernanke has asked Philadelphia Fed President Charles Plosser and Chicago Fed President Charles Evans to work with Vice Chairman Janet Yellen on such a plan.
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