Stocks: Eyes on Greek debt and earnings

@CNNMoneyInvest January 24, 2012: 8:34 AM ET
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NEW YORK (CNNMoney) -- U.S. stocks are set to open in the red Tuesday, as investors await progress on Greek debt talks and wade through another batch of corporate results.

S&P 500 (SPX), Dow Jones industrial average (INDU) and Nasdaq (COMP) futures were lower. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Anxiety remains about the European debt crisis and, in particular, Greece's ongoing negotiations with representatives of private-sector creditors to reduce its debt burden.

A deal is a key condition for Greece to receive additional bailout funds from the European Union and International Monetary Fund. Without this financial support, Greece may not be able to make a €14 billion payment it owes on bonds that's due March 20.

"The primary impact of the Greek debt crisis is an overwhelmingly negative impact to and deflation of confidence in world markets," said Kevin Brungardt, chairman of RoundPoint Financial. "It is the poster country for a further worldwide pullback. People want to see a recovery and every bit of bad news stokes 'Chicken Little syndrome'."

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Meanwhile, investors pondered another round of corporate results, including Dow components Verizon (VZ, Fortune 500), McDonald's (MCD, Fortune 500), Johnson & Johnson (JNJ, Fortune 500) and Travelers (TRV, Fortune 500) before the opening bell. In the afternoon, tech leaders Apple (AAPL, Fortune 500) and Yahoo (YHOO, Fortune 500) will also announce their results.

U.S. stocks closed flat on Monday, with no major economic reports or company data for investors to chew on.

World markets: European stocks fell in afternoon trading. Britain's FTSE 100 (UKX) slid 0.8%, the DAX (DAX) in Germany dropped 1%, and France's CAC 40 (CAC40) lost 1.1%.

Markets in Hong Kong and China were closed Tuesday for Chinese New Year. Japan's Nikkei (N225) ended up 0.2%.

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Companies: Following their fourth-quarter earnings reports, Coach (COH) shares rose 3.4%, Texas Instruments (TXN, Fortune 500) shares rose 1.2%, Harley-Davidson (HOG, Fortune 500) shares fell 2.1%, and Regions Financial (RF, Fortune 500) shares fell 1.2% in premarket trading.

Travelers shares slumped 1.3% and DuPont (DD, Fortune 500) shares fell 0.1%.

Verizon was expected to report earnings of 53 cents a share, but missed by a penny. Shares fell 1.3% in premarket trading.

McDonald's beat earnings and revenue forecasts, sending its shares 0.3% higher in premarket trading. While Johnson & Johnson also beat expectations on earnings, the company fell short on revenue -- sending its shares down 0.1%.

After the close, Apple is expected to post earnings of $10.08 a share, a steep rise from the $6.43 it reported a year earlier, while Yahoo earnings are projected to be unchanged from the 24 cents per share posted in the fourth quarter of 2010.

Yahoo announced last week that company co-founder Jerry Yang resigned from its board of directors and all other positions at the company.

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Economy: The International Monetary Fund will release its World Economic Outlook later Tuesday.

The Federal Reserve is scheduled to start a two-day meeting, and will release forward-looking forecasts for the federal funds rate for the first time ever on Wednesday. The government also releases its first estimate of fourth-quarter economic growth on Friday.

Currencies and commodities: The dollar gained against the euro, the British pound and the Japanese yen.

Oil for March delivery slipped 33 cents to $99.25 a barrel.

Gold futures for February delivery fell $10 to $1,668.30 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose slightly, pushing the yield down to 2.05% from 2.07% late Monday.  To top of page

Index Last Change % Change
Dow 16,804.71 -238.19 -1.40%
Nasdaq 4,422.09 -71.30 -1.59%
S&P 500 1,946.16 -26.13 -1.32%
Treasuries 2.40 -0.10 -4.19%
Data as of 9:20pm ET
Company Price Change % Change
Bank of America Corp... 16.82 -0.23 -1.35%
Ford Motor Co 14.59 -0.18 -1.22%
Facebook Inc 76.55 -2.49 -3.15%
Apple Inc 99.18 -1.57 -1.56%
Cisco Systems Inc 25.03 -0.08 -0.34%
Data as of 4:03pm ET
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