U.S. stocks have opened deep in the red.
The Dow is down 110 points, the S&P 500 is down 13 points, and the Nasdaq is down 66 points.
The U.S. market is taking its lead from Europe, which saw markets fall after troubling news from the Portuguese banking sector and worse than expected economic data.
In Portugal, the parent company of its second-largest bank, Banco Espirito Santo, missed debt payments to “a few clients,” sending shares of Banco Espirito and the Portuguese market tumbling.
Also in the European periphery, Spanish bank Banco Popular Espanol postponed a debt sale due to adverse market conditions.
In France, industrial production fell 3.7% in May, worse than the 1% decline that was expected. Consumer prices in France also climbed just 0.5% in June, as the specter of deflation now looms over the French economy.
Industrial production in Italy also stumbled, with production falling 1.2% in May.
In U.S. corporate news, shares of Family Dollar are down about 2% after the company reported third quarter earnings that missed expectations, as comparable store sales fell 1.8% during the quarter.
Shares of sandwich chain Potbelly are also down more than 18% after the company last night reported preliminary earnings that disappointed. Potbelly expects same-store sales to fall 1.6% during the second quarter.