Stocks set for hit on Greek referendum

November 1, 2011: 8:31 AM ET
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NEW YORK (CNNMoney) -- U.S. stocks were set to tumble at the opening bell Tuesday after Greece's prime minister called an unexpected public referendum to approve Europe's bailout deal.

Investors fear the referendum will jeopardize the deal, since the bailouts include austerity cuts that have not been popular with the Greek public.

World markets plunged on the news. Germany's DAX (DAX) lost 5.4%, Britain's FTSE 100 (UKX) dropped 3.1%, and France's CAC 40 (CAC40) tumbled 4.7%.

Dow Jones industrial average (INDU) and S&P 500 (SPX) futures both fell more than 2% and Nasdaq (COMP) futures were down about 1.7%. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Bank stocks were being hit hard, with shares of Bank of America (BAC, Fortune 500), JP Morgan Chase (JPM, Fortune 500), Wells Fargo (WFC, Fortune 500) and Goldman Sachs (GS, Fortune 500) all falling more than 2% in premarket trades. European banks BNP Paribas (BNPQF), Credit Suisse (CS) and Deutsche Bank (DB) were all down more than 8%.

Stocks are coming off sharp losses Monday, as questions and doubts arose regarding the rescue package agreed upon by European leaders last week in Brussels.

Surprise Greek referendum casts shadow on EU deal

Companies: Pfizer (PFE, Fortune 500) shares fell 0.3% in premarket trading after the drug maker reported quarterly earnings of 61 cents per share, beating Wall Street's estimates for 55 cents.

Thomson Reuters (TRI) shares fell 0.4% after the news agency also beat forecasts, earning 56 cents per share, up from 49 cents last year.

TransCanada (TRP), which is behind the controversial Keystone pipeline project, posted earnings of 59 cents per share, up from 54 cents a year earlier.

MF Global may have millions missing

Economy: Monthly reports on manufacturing, construction spending and auto sales will be released on Tuesday.

At 10 a.m. ET, the ISM index is expected to show manufacturing activity expanded in October to a reading of 53, up from 51.6 in September. Any level above 50 indicates growth in the sector.

Meanwhile, analysts surveyed by expect construction spending to have risen by 0.3% for September, following a 1.4% increase in August.

World markets: Asian markets ended mostly in the red, after a report showed China's manufacturing activity slowed in September. The Shanghai Composite (SHCOMP) was flat, while the Hang Seng (HSI) in Hong Kong fell 2.5% and Japan's Nikkei (N225) shed 1.7%.

Currencies and commodities: The dollar rose against the euro and British pound, but fell versus the Japanese yen.

Oil for December delivery slipped $2.55 to $90.64 a barrel.

Gold futures for December delivery fell $31.90 to $1,693.30 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 2.03% from 2.18% late Monday.  To top of page

Index Last Change % Change
Dow 17,416.85 225.48 1.31%
Nasdaq 4,683.41 45.41 0.98%
S&P 500 2,021.25 19.09 0.95%
Treasuries 1.75 0.03 1.57%
Data as of 2:37am ET
Company Price Change % Change
Pfizer Inc 31.83 -0.12 -0.38%
Yahoo! Inc 43.73 -2.73 -5.88%
Altria Group Inc 54.39 0.38 0.70%
Baxter International... 71.38 1.22 1.74%
International Paper ... 53.51 0.35 0.66%
Data as of Jan 29
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.82%3.84%
15 yr fixed2.96%2.94%
5/1 ARM3.25%3.31%
30 yr refi3.82%3.85%
15 yr refi3.02%3.02%
Rate data provided
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