July 18, 2011Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Investor concerns over both the European debt crisis and the U.S. debt limit deadline appear to be mounting - with U.S. stocks coming off their first losing week in three, and stock index futures pointing to a sharply lower open this morning.
Last week's losses were the most in five weeks, and a losing day today could put the Dow, the S&P 500, and the Nasdaq on track for a third straight monthly loss.
Moody's is out with a suggestion that would end debt limit concerns once and for all: it's suggesting that U.S. abolish the debt limit altogether.
That could be among the subjects Treasury Secretary Tim Geithner addresses in an exclusive interview on CNBC's Squawk Box this morning at 8am ET.
The economic calendar is relatively light this morning, but we will see a fresh reading on the housing market, with the National Association of Home Builders putting out its monthly sentiment index at 10am ET.
Economists look for a reading of 14 for July, a very slight improvement over June's 13.
Earnings activity begins to pick up this week, though today is not particularly heavy.
This morning, we'll get fresh quarterly numbers from Hasbro (HAS), Halliburton (HAL) and Gannett (GCI), while IBM (IBM), Stanley Black & Decker (SWK), and Wynn Resorts (WYNN) are among the companies set to release their numbers after the closing bell.
News Corp.(NWSA) continues to be a stock to watch, with the shares plunging 6-7% in Australia as investors follow the ongoing developments in the phone hacking scandal.
The latest events include British Prime Minister Cameron cutting his overseas trip short to address the ongoing events at home, the head of Scotland Yard resigning, and just-resigned News International CEO Rebekah Brooks arrested and released on bail.
Just days after the girlfriend of Medicis (MRX) CEO Jonah Shacknai was found dead, his son has died of injuries in a San Diego hospital.
The injuries were suffered in a fall down the stairs last week.
Financial advisory firm Greenhill (GHL) is out with a rare Sunday earnings report, posting better than expected results.
That follows a 12 percent beating for its shares on Friday following the departure of management committee member Tim George.
The final "Harry Potter" film broke box office records worldwide and took in $168.6 million in North American ticket sales over the weekend, the best opening ever for any film.
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