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News last week it was all, " the best October in 70+ years and euro zone decision causes stocks to rally!" now it's all, " bank ruptcy and was a 50% hair cut on debt really a good thing?" might be a big down day today...

Stock Futures Slide on Greece Default Concerns
By Melinda Peer 11/01/11 - 07:38 AM EDTAdd Comment
Stock quotes in this article:^GSPC, ^IXIC, ^DJI 


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NEW YORK (TheStreet) -- Stock futures were pointing to a steeply lower open Tuesday, extending the previous session's losses, as Greece's call for a referendum on its eurozone bailout package reignited fresh concerns that the country will default on its debts.

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Futures for the Dow Jones Industrial Average were down 168 points, or 170 points below fair value, at 11,729. Futures for the S&P 500 were losing 27 points, or 27 points below fair value, to 1223, and Nasdaq futures were off by 45 points, or 45 points below fair value.

Stocks remained stuck in negative territory throughout Monday's session as investors took profits at the end of one of the strongest monthly performances for stocks in recent years. The Dow gained nearly 1,042 points in October, marking the largest point advance in its history. On a percentage baisis, the average rose 9.5% -- its best monthly percentage performance since October 2002, according to Dow Jones Indexes.


Greek Prime Minister George Papandreou surprised global markets late Monday by calling for a referendum on Greece's newly announced bailout package, putting the country at risk for default if voters reject the plan. The prime minister believes voters will support economic reforms, but the country's series of protests and work strikes suggest otherwise. Uncertainty is still enshrouding Europe despite leaders' recent plan to address the region's sovereign debt crisis.

Asian markets sold off on the renewed eurozone uncertainty. Japan's Nikkei Average finished 1.7% lower, and Hong Kong's Hang Seng dropped 2.5%. In Europe, London's FTSE was falling 2.8%, and Germany's DAX was plunging 4.3%.

The euro was falling 1.14% against the greenback, which was up 1.05% against a basket of currencies, according to the dollar index.

The stronger greenback continued to dampen the appeal of dollar-priced assets. The December gold contract was losing $22.70 to trade at $1,702.50 an ounce. Crude oil for December delivery was trading $2.62 lower at $90.57 a barrel.

Also on Monday, trading firm MF Global(MF_) became the biggest U.S. casualty from the European debt crisis when it filed for Chapter 11 bankruptcy protection after making bets on European sovereign bonds. The news has been pressuring the financial sector as investors question whether there will be fallout from the firm's collapse. According to a New York Times report, MF Global is being investigated after federal regulators discovered that millions of dollars of customer money have "gone missing" in recent days.