Peter Schacknow, Senior Producer, CNBC Breaking News DeskWall Street's mood has turned decidedly bearish, with the Dow coming off its lowest close since October 20, and the S&P 500 and the Nasdaq finishing at their lowest levels since October 7.
The major averages are also now on pace for their sixth month of losses in the past seven.
Neither of the factors that weighed on markets Monday - the European debt crisis and the failure of the deficit-cutting "Super Committee" - show signs of fading today, though U.S. stock futures are currently pointing to a much calmer opening than yesterday.
Among the economic reports set for today: a second look at third quarter GDP, with economists projecting a 2.3 percent annual growth rate for the U.S. economy, compared to last month's estimate of 2.5 percent. That number will be out at 8:30am ET.
At 2pm ET, the Federal Reserve will issue the minutes from the most recent FOMC meeting.
The Treasury is set to sell $35 billion in 5-year notes today, with the results of that auction available shortly after 1pm ET.
Dow component Hewlett-Packard is a stock to watch today, beating estimates for its fourth quarter but issuing a fiscal first quarter outlook well below current street estimates.
Brocade Communications (BRCD) saw a 6 percent jump in after-hours trading after beating estimates with its fiscal fourth quarter profits and forecasting a strong first quarter.
We'll also watch shares of Netflix (NFLX), after the company announced it had raised $400 million in fresh capital through a sale of debt and equity.
Bank of America (BAC) is also on the watch list, as the Wall Street Journal reports that the bank has been warned to strengthen itself or face a public enforcement action.
Among today's earnings reports: food makers Campbell Soup (CPB) and Hormel Foods (HRL), along with medical products maker Medtronic (MDT).
Those will all be out before the opening bell, while TiVo (TIVO) is among the handful of companies set to issue their numbers after the closing bell.
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