May 07, 2012- Stocks Look to Open Lower on Euro Political Concerns

Political developments in Europe appear to be weighing on Wall Street on Monday, as indicated by the U.S. index futures, which point to a moderately lower opening on Wall Street. In the absence of any major catalysts, the markets may sulk over the disconcerting developments in Europe. The French and Greek election results are likely to be considered as a setback to the progress achieved thus far on the European debt crisis. Traders may also take some cues from a Fed speech and a couple of noteworthy earnings scheduled for the day. As of 6:30 am ET, the Dow futures are receding 65 points, the S&P 500 futures are slipping 7.50 points and the Nasdaq 100 futures are declining 14.50 points. U.S. stocks reversed course in the week ended May 4th, as insipid economic data sapped risk appetite and generated selling pressure in the market. The commodity, financial and technology spaces were the worst hit. Main Street would witness a lull in the unfolding week, as the week's calendar is interspersed by very few economic events that have the potential to move the markets. The weekly jobless claims report, the Commerce Department's trade balance report for March, preliminary reading of the Reuters and the University of Michigan's consumer sentiment index for May and a slew of Fed speeches are among the important events scheduled for the week.